:: Market News --- ID :: 16043
crude today/17-04-2019
Re balancing on supply side

By Srinivas Chowdary Sunkara // petrobazaar // 17th April, 2019.

Brent rose 54 cents to $71.72 and WTI prices moved 65 cents to $64.05 a barrel last night. Shanghai crude oil main contract closed 4.2 Yuan or 0.89% down at 469.4 Yuan/barrel while MCX crude futures in India settled Rs.76 up at Rs.4431 yesterday. Both the global benchmarks closed nearly 1% high yesterday as the supply risks back in focus. Recalling the existing supply threats from Venezuela and Libya which turned the market mood more bullish after taking a pause from last week's price consolidation. 

API reported a surprise fall in U.S crude and gasoline stocks during the last week. As there is a supply side re balance taking place, Scheduled JMMC meeting in the coming month became crucial and will spur more volatility in the coming month. Asian markets opened up today. Good day to all.

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