By Srinivas Chowdary Sunkara // petrobazaar // 19th April, 2019.
Brent prices rose 35 cents and WTI futures gained 24 cents yesterday. Shanghai crude oil main contract futures lost 0.8 Yuan or 0.17% at 472.6 Yuan/barrel while MCX crude futures in India closed Rs.7 down at Rs.4457. The global crude benchmarks moved up slightly after EIA reported that U.S crude and product stocks were drawn during the last week. The prices have been getting supported by ongoing OPEC cuts since the beginning of the year. Geo-political factors like sanctions on Iran and Venezuela continued to support the oil complex.
Turning to weekly data, U.S crude stocks were reportedly drawn by 1.4Mb last week. The U.S crude production numbers slipped by 100Kbpd as the crude oil inputs were down. Investors seem to be following wait and see approach ahead of eventful May month as the U.S waivers will expire on Iran sanctions and scheduled JMMC meeting to discuss the producer's stand in June meeting.
Wish you a Holy Friday and happy week end.
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