:: Market News --- ID :: 16123
crude today/15-5-2019
Tussle between economic concerns and supply equilibrium

By Srinivas Chowdary Sunkara // petrobazaar // 15th May, 2019

Brent oil prices rose $1.01 to $71.24 and WTI futures prices traded 74 cents up to $61.78 a barrel last night. Shanghai crude oil main contract closed 5.5 Yuan up at 496.3 Yuan/barrel while MCX crude futures settled Rs.40 up at Rs.4352 yesterday.  Both the global crude oil futures struggled to find a direction in the early trade, Spiked above 1% after Saudi said that two pumping stations on a Saudi Aramco oil pipeline in Saudi Arabia were attacked by explosive-laden drones.

Turning to Weekly stats, API reported a surprise jump in U.S crude and product stocks during the last week, pressed the oil prices. The official government data needs to confirm the data later today. OPEC oil output sees a small dip in April despite deeper cuts as per the OPEC monthly report, released yesterday. OPEC found hard time predicting next steps in the production cut agreement and in general as per the report. Today, Asian markets are trading down at the time of writing. Good day.

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