:: Market News --- ID :: 16239
crude today/11-6-2019
Oil prices may fall as low as $30

By Srinivas Chowdary Sunkara // petrobazaar // 11th June, 2019.

Brent oil prices dropped by $1 to $62.29 and WTI prices closed 73 cents down to $53.26 a barrel last night. Shanghai crude oil main contract futures rose by 17.2 Yuan to 434.8 Yuan/barrel while MCX crude futures settled Rs.32 up at $3754 yesterday. Both the global crude markers slid by around 1.5% in a choppy trading, Yesterday.

Uncertainty on Russia's stand towards extension of cuts and general fear of slowing economy and demand  amid proposed further U.S sanctions on China after G-20 meeting and growing production numbers in U.S keep weigh on oil markets despite of positive waves from financial markets yesterday. 

Today, Oil prices stabilized in Asian markets on the assumption that the producer's group will keep withholding supplies to prevent further fall. Russia is in the opinion that oil prices may fall as low as $30 per barrel, if the producers do over supply. Let us hope for Russian's nod on cuts. For me, It seems that the oil market play safely till the scheduled G-20 and OPEC meetings. API numbers are due later today. Have a good day.


Disclaimer: Views and opinions expressed here are personal. This commentary is  for  information purposes only and not an offer or a solicitation to sell or buy any physical commodities or financial instruments. The views and analysis are based on reliable public information available at the time of writing. This report and its content cannot be copied, redistributed or reproduced in part or whole without the prior written permission of petrobazaar.com