By Srinivas Chowdary Sunkara // petrobazaar // 13th June, 2019.
Brent oil prices fell $2.32 to $59.97 and WTI prices slipped $2.13 to $51.14 last night. Shanghai crude oil main contract futures dropped by 7.3 Yuan to 423 Yuan/barrel while MCX crude futures settled Rs.124 down to Rs.3596 yesterday.
Yesterday, Both the global crude markers tumbled around 4% on surprise bearish weekly numbers from EIA and bleaker demand outlook. Trump threatening China with further tariffs after G-20 meeting continued to press stocks. Oil futures extended their losses as the day wore on and ended the session with their lowest settlements in nearly five months as the hedge managers are liquidating their long positions in a fast pace.
Turning to weekly data, The U.S government numbers showed that the commercial crude oil and gasoline inventories rose by 2.2Mb and 0.8 Mb respectively while distillates were drawn by 1 Mb during the last week. Mounting surplus stocks in U.S for last couple of weeks, Indicating the lower demand from refineries, concerning the market. Asian markets are opened in green today. Bearish bells are ringing around the market as the fundamental uncertainty on the current state of global economy is very high. Have a good day.
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