By Srinivas Chowdary Sunkara // petrobazaar // 20-3-18
Oil prices opened up today
Yesterday, Both the crude oil futures dropped below 0.5% after trading in sideways. Additional rig count along with the rising production concerned the traders. crude followed equity markets to slid while middle east tensions supported.
On Tuesday, Crude opened up on continued Geo-political tensions amid over supply concerns. Crude markets are really struggling for a direction after a sharp rise on last Friday. Traders need to ponder themselves to face crude fundamental problems. Global economy is improving, Reports are suggesting for demand growth and OPEC compliance rate has improved but market still in confusion, sensing more oil around the market.
Crude oil price update
On Tuesday, U.S crude futures lost 28 cents at $62.06 on Nymex while Brent futures were settled down at $66.05 after a drop of 16 cents on London based ICE futures Europe exchange. Today Both the futures are trading with below 1 percentage gains at the time of reporting.
Tensions between Saudi and Iran, Concern of U.S reimposing sanctions on Iran and turmoil in Venezuela's production are supporting factors. weakness in equity markets and fear of over supply lingering doubts around the crude market. I feel that crude market trade in a positive territory today.
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