By Srinivas Chowdary Sunkara // petrobazaar // 12th March, 2019.
Brent gained 84 cents to close at $65.58 and WTI rose 72 cents to settle at $56.79 a barrel yesterday. Shanghai crude oil dropped by 0.5 Yuan to 439.7 Yuan/barrel while MCX crude futures in India settled up by Rs.82 at Rs.3968. Both the global crude benchmark futures advanced 1.28 pct last night. Saudi Energy Minister Mr.Falih's comments on OPEC cuts and dip in U.S oil rig numbers supported the oil complex yesterday while strong dollar and worries on low economic growth continued to limit the upside.
I agree with Mr.Alahdal's opinion that it is better for the OPEC to focus on how to mitigate the negative impact of low oil demand on the oil price rather than putting efforts to push the oil prices up during the period of low economic growth. Various international organisations such as IMF, OECD and ECB are seeing 2019 as the year of slow economic growth. Today, Asian markets are trading in green at the time of reporting. 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