By Srinivas Chowdary Sunkara // petrobazaar // 22th June, 2018.
Volatile Oil prices
Yesterday, Both the crude front month contracts posted losses at the end of the trading. U.S crude futures got some support from a report of sliding crude stocks at key U.S storage hubs. Brent closed lower as the OPEC and non-OPEC producers appeared to decided on the increase of production. Iran also signaled a support to a small volume of increase. The de facto leaders of OPEC and non-OPEC, Saudi and Russia are prepared to open taps to compensate the deficit arise out of the decrease in Iran exports after the U.S sanctions are in place.
Escalating trader disputes between U.S and China also another cause of worry on financial markets as India also joined China to impose fresh tariffs on U.S products in a retaliation to U.S tariffs on steel and aluminium. Today Asian markets are opened up on the uncertainty over whether OPEC would manage to increase the production increase at a scheduled meeting in Vienna.
Crude oil price update
U.S crude futures for August delivery lost 17 cents to close at $65.54 a barrel on Nymex where as Brent futures to be delivered in August closed down by $1.69 at $73.05 per barrel on London based ICE futures Europe exchange. Today Both the futures opened in positive territory and trading up by 1% at the time of reporting.
Comment
Price volatility is expected to continue for another 48 hours
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