By Srinivas Chowdary Sunkara // petrobazaar // 20th June, 2018
Oil prices inched up today
Energy was in focus yesterday. Escalation of trade tariffs between U.S and China pressured financial markets, spilled over to oil markets. Looming OPEC meeting caused bearishness in oil prices yesterday. The proposed trade tariffs caused currency fluctuation which made dollar stronger, kept oil prices in check. Any bits and pieces of news on upcoming OPEC meeting causing volatility. API report of drawings in U.S crude stocks extended support to oil prices.
Crude oil prices update
Yesterday, U.S crude futures to be delivered in July lost 78 cents at $65.07 per barrel on Nymex while Brent August futures were down by 26 cents or 0.35 pct to close at $75.08 a barrel on London based ICE futures Europe exchange. Shanghai futures and MCX futures posted a loss of 0.7 and 1.38 pct respectively. Asian markets opened up today with a little change at the time of reporting.
API report – summary
The American Petroleum Institute, an Industry sponsored institute reported that U.S crude supplies fell by 3 Mb for the week ended June 15. The report also showed that a climb of 2.1Mb in gasoline supplies and 7.5Mb in distillates. EIA report is awaited and consensus is on fall in crude stocks.
Repeating message that oil markets are expected to be volatile till the OPEC and non-OPEC meeting during the week end.
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