By Srinivas Chowdary Sunkara//Petrobazaar//20042018.
Crude oil prices are firm.
Yesterday, Both the oil futures extended gains from its previous session on bullish weekly numbers, Reported drawings in both crude and product stocks in U.S. During the day, Oil lost its shine on rise in dollar index and interest rates resulted in down turn in oil prices in the closing session. Market shifted its focus to U.S extending sanctions relief to Iran and OPEC JMMC meeting.
Crude oil price update.
U.S crude futures lost 18 cents to $68.29 on Nymex where as Brent futures rose 31 cents to close at $73.79 on London based ICE futures Europe exchange. Today Asian markets are opened down and trading with a little loss at the time of reporting.
Rig numbers are due to release today. In my opinion, market is totally detached from fundamentals and needs cues to go ahead.
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