By Srinivas Chowdary Sunkara // petrobazaar // 12th June, 2018.
Crude oil prices edged up today
Yesterday, Both the crude futures opened in bearish mood and moved cautiously with little volatility to close with a negligible change. Since traders are cautious to take long positions, crude price movements are limited. Crude prices are expected to flirt around the current levels till the day of scheduled OPEC meeting.
Oil markets opened up today along with the global markets on the cautious optimism over the meeting of U.S president and North Korean leader. Any positive outcome is expected to drive the markets. API report is awaited. OPEC monthly report is scheduled today.
Crude oil price update
Yesterday, U.S crude futures, WTI for July delivery moved up with 36 cents to close at $66.1 a barrel on Nymex where as Brent futures to be delivered in August closed without any change from its previous close on London based ICE futures Europe exchange. Both the Chinese Shanghai and India's MCX futures were on positive mood. Today Asian markets are opened up with a positive note.
Comment
Oil fundamentals like continued demand growth, Producer's commitment towards cuts, Deteriorating Venezuela's production are supporting oil prices. Surge in U.S production, piling up stocks and expected production ups from top producers Saudi and Russia are pulling down oil prices. Currently oil prices are mostly driven by global events.
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