By Srinivas Chowdary Sunkara // petrobazar // 14th March, 2019.
Brent prices advanced 88 cents to $67.55 and WTI prices surged $1.39 to $58.26 a barrel last night, heading to close the week high. Shanghai crude oil main contract rose by 0.8 Yuan or 0.18% to 445.5 Yuan/barrel while MCX crude futures in India rose by Rs.67 to close at Rs.4037 yesterday. A bullish weekly data by EIA sparked a rally and deteriorating situation in Venezuela's oil exports supported oil prices.
The EIA showed a surprise drawings in crude and gasoline stocks by 3.9Mb and 4.6Mb respectively as against the analysts expectation of build during the week ending 8th, March. U.S crude production is reportedly down by 100000 bpd. Asian markets are opened up today on supply disruptions and expected tightening of the market. OPEC and IEA will release monthly reports during the week. Fundamentally, Oil prices are likely to have a bullish momentum in the short term. Have a good day.
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