:: Market News --- ID :: 15913
crude today/07-03-3019
U.S production undermines OPEC cuts

By Srinivas Chowdary Sunkara // petrobazaar // 7th March, 2019.

Brent futures settled up at $65.99, 13 cents higher and WTI prices closed lower by 34 cents at $56.22 a barrel last night. Shanghai crude oil continued to drop by 0.4 Yuan or 0.09% at $438.6 Yuan/barrel while MCX crude futures in India dipped Rs.67 to Rs.3938. A solid bearish build in U.S crude stocks and slump in equities kept the global oil prices under check. 

EIA reported a surprise build of 7.1Mb in U.S crude stocks against the analysts expectation of 1.2Mb build for the week ending March 1st, While product stocks continued to dip for the third straight week. U.S production numbers at 12.1Mbpd undermined the efforts of OPEC. Today, Oil prices opened up during Asian hours as the market started tracking OPEC cuts and U.S sanctions on Venezuela and Iran. Good day.

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