By Srinivas Chowdary Sunkara // petrobazaar // 22nd May, 2019.
Brent oil prices inched up 21 cents to $72.18 and WTI June contract, Which expired yesterday settled 11 cents down at $62.99 a barrel last night. Shanghai crude oil main contract dropped by 3.6 Yuan or 0.7% to 508.9 Yuan/barrel while MCX crude futures closed Rs.15 up at Rs.4415 yesterday.
Following the Trump's 'great force' threat to Iran, Saudi Initiated to act as 'peace maker' role to restore peace in the region. Oil markets are playing down on an estimation of rising crude and gasoline stocks in U.S last week along with the reassurance by the de-facto leader of OPEC, Saudi to re-balance the market. Turning to weekly data, U.S Government data will confirm the API numbers later today. Asian markets are opened in red and trading down at the time of reporting. Have a good day.
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