By Srinivas Chowdary Sunkara // petrobazaar // 7-3-18
Crude prices fell post settlement
On Tuesday, Crude oil prices edged up. U.S oil prices drew support from weak dollar backed by reducing geopolitical risks amid news on denuclearisation by South Korea. Brent continued to be supported by IEA report of growing global oil demand factor.
API reported another larger build of 5.6Mb of crude and a climb of 1.5Mb of distillates in U.S during the last week. Gasoline stocks were expected to fall by 4.5Mb. EIA report is awaited. Consensus is on 2.5Mb of rise in crude stocks.
Crude price update
On Tuesday, U.S oil futures, WTI for April settlement edged up by 2 cents with 0.03 percentage at $62.6 per barrel on Nymex while Brent futures to be delivered in May inched up by 20 cents or 0.3 percentage, closed at $65.79 on London based ICE futures Europe exchange. On Wednesday, Both the futures are opened in bearish mood and trading with a loss of above 0.5% at the time of reporting.
Market is looking at U.S government agency weekly stats to confirm the API report. I expect that EIA numbers will be bearish as the refineries are in maintenance season due to which crude demand stands low. Another bearish factor would be production numbers are expected to above 10Mb. I see bearishness lingering around the market today.
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