By Srinivas Chowdary Sunkara // petrobazaar // 10th June, 2019.
Brent oil prices rose $1.62 to $63.29 and WTI prices settled $1.4 up at $53.99 on Friday while MCX crude futures in India closed Rs.140 up to Rs.3722. Both the crude benchmark prices spiked around 2.7% on Friday, Recovering from major fall since Jan during the week.
Supply tightening talk across the market and aversion of the U.S tariff threat on Mexico are the key driving factors prevailing in the market. Saudi's statement on Friday that the producer's group including Russia are very close to agree to withhold the supplies further is a major relief to the oil market. A fall in U.S rig numbers is another supporting factors to oil complex. The concern of weak economy and slowing demand growth continue to worry the market. Monthly reports are due this week, which may spur some volatility and no shock waves are expected from weekend G-20 meeting.
Asian markets are opened up today and are expected to trade in green zone. The riskier assets are expected to bounce and trade favorably amid positive waves as the aversion of trade war between U.S and Mexico precluded another dive in financial markets. Good day.
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