By Srinivas Chowdary Sunkara // Petrobazaar // 170418
Crude prices inched down yesterday.
Yesterday, Crude oil prices slid above 1 percentage during the trading hours. U.S production numbers, Increased number of oil rigs at highest levels concerned the market. Trade spat between U.S and China may potentially affect the global trade and a dip of global GDP growth would significantly result in the reduction of oil demand, weighed on oil prices yesterday.
Today, Asian Markets opened in bullish mood on a general support receiving from potential supply disruptions amid tensions in middle east, renewed U.S sanctions against Iran and falling output in Venezuela.
Crude oil prices update
Yesterday, U.S Crude futures rose by $1.17 or 1.74 percentage from previous session to close at $66.22 per barrel on Nymex. Brent futures advanced $1.16 with 1.6 percentage change at $71.42 a barrel on London based ICE futures Europe Exchange. Today Asian markets are opened in positive territory and trading with 0.5 percentage margin at the time of reporting.
I heard that Crude is heading towards $90 in the long run and cannot be sustained at that level due to weak fundamentals. Today I sense a little bullish momentum due to escalation of supply fears. Chinese GDP and industrial production data is expected later this week. API report is expected in the late hours.
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