By Srinivas Chowdary Sunkara // petrobazaar // 8th March, 2019.
Brent futures gained 31 cents to $66.3 and WTI futures rose 44 cents to close at $56.66 a barrel last night. Shanghai crude oil rose by 5.8 Yuan/barrel or 1.34% while MCX crude futures in India settled up by Rs.44 at Rs.3982 yesterday. Crude markets are heading towards weekly gains.
The global crude markers edged higher yesterday as the short term fundamentals looked strong since the OPEC + cuts and sanctions on Iran and Venezuela would further tighten the supplies. Still there is a nervousness around the market due to surging U.S supplies and slowing economic growth. Piling up of U.S crude stocks and falling equity markets limited the gains while product demand supported oil prices yesterday. Today, Asian markets trading in red. Both the oil markets and equity markets took a hit after ECB said that the economy was in a period of continued weakness and pervasive uncertainty. Have a Good day
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