:: Market News --- ID :: 16041
crude today/16-4-2019
Brent at $40?

By Srinivas Chowdary Sunkara // petrobazaar // 16th April, 2019.

Brent slipped 37 cents to $71.18 and WTI lost 49 cents to $63.4 a barrel last night. Shanghai crude main contract dropped by 4.7 Yuan or 0.99% to 471.8 Yuan/barrel where as the MCX crude futures in India closed Rs.48 down at Rs.4403 yesterday. Both the global crude markers booked nearly 1% loss during yesterday's session. 

Oil markets started falling after Russia indicated that OPEC + may boost production to rein in market share. However, The losses were limited by tightening talk across the market as the supplies are fallen from Iran and Venezuela amid expected further U.S sanctions on these two OPEC members. Escalation of Turmoil in Libya could further cut the production, Also supported the oil complex. If, OPEC + preferred to lift the production, Oil prices will be pushed down to $40 as per analysts, In turn, New investments in shale will shrink. Americans will feel heat of producing oil at $40 which will reduce shale production, In turn, there will be shift in market share. Oil prices are continued on downside momentum today. API numbers are awaited later today. Good day to all.

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