By Srinivas Chowdary Sunkara // petrobazaar // 8th January, 2019.
Crude oil prices spiked briefly on Monday. Brent edged up by 27 cents to close at $57.33 and WTI inched up by 56 cents to close at $48.52 a barrel yesterday. Crude drew support from the Dow Jones report that the Saudi is going to cut exports by 800000 barrels a day from November level to 7.1 Mbpd by the end of the month to prop up prices.
It seems that the positive momentum is coming back into the market from strong financial markets also as the stocks rose on the expected prospectus in U.S-China trade talks to erase trade irritants to support economic growth and oil demand. Traders are putting a light on the OPEC and its allies rein in a surge in global supplies which has undermined the Global Sachs cut in it outlook on spot prices for Brent and WTI. API numbers are expected today in the late hours. Asian markets are opened in red today. Good day.
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