By Srinivas Chowdary Sunkara // petrobazaar // 26th June, 2018.
Crude oil prices opened up today
Yesterday, Oil markets responded to OPEC + decision of increase in production. Prices were slipped after a rise of around 5 pct on Friday as the Saudi and Russia allegedly sought to rise the production by 1.5 Mbpd which was opposed by Iran and Venezuela. On compromise, it was proposed to returning to 100% compliance rate which meant a cut of 1.8 Mbpd instead of 2.8 Mbpd. But I'm not sure how and by whom.
Today, Both the crude futures were opened up during Asian trading hours on uncertainty over Libyan oil exports and continued trade tariff tensions. API stats are expected today.
Crude oil prices update
U.S crude futures for August delivery were down by 50 cents or 0.73% to close at $68.08 on Nymex where as Brent August futures slipped by 82 cents or 1.09 pct from previous close at $74.73 a barrel on London based ICE futures Europe exchange. Asian markets are opened up today.
Comment
Many of the questions were unanswered in most anticipated OPEC + meeting. I expected a direction or clue from this meet but i'm not sure what happened in the meeting. Mr.Barkindo felt that the mission is accomplished. No concurrent decisions were taken on supplies. I dont expect consistent trends either way.
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