COMMODITY REPORT ON CRUDEOIL- SIX MONTH OVERVIEW
At the MCX, Crude oil Price have seen 6.54 per cent gains in last six months due to combination of bullish and bearish news which opened at Rs. 3362.00 per barrel on Jan 2019 .It touched high of Rs. 4656.00 per barrel in near six months.
In the month of January, Bullish sentiment prevailed in oil market. Crude oil started with positive note and continued to upward momentum amid , extending a rally from December's 18-month lows with support from OPEC production cuts and steadying share markets along with the extension of U.S.-China talks in Beijing raised hopes that the world's two largest economies would resolve their trade standoff. Oil prices rose on hopes that Japan and China would take fiscal stimulus measures to stem an economic slowdown which has weighed on financial markets. Crude oil fell in the mid week of January due to rising output in major OPEC and non-OPEC producers and concerns about an economic slowdown that could weaken demand.
Oil Price moved up in February month after a falling in first week. Crude Oil prices dipped after US crude inventories rose and as production levels in the country held at record levels, but OPEC-led supply cuts and Washington’s sanctions against Venezuela supported markets. Crude oil rose as Saudi Arabia and the rest of OPEC were expected to stick to their policy of cutting production, despite renewed pressure from U.S. President Donald Trump.
Oil set to become more volatile in March. Oil prices up amid ongoing OPEC-led supply cuts and U.S. sanctions against exporters Venezuela and Iran, but gains were capped by record U.S. crude output and rising commercial fuel inventories. Crude oil Price have fallen due to on a worsening global economic outlook after the European Central Bank (ECB) warned of continued weakness and fresh data showed Chinese imports and exports slumped last month. Crude oil prices were also down due to surprising rise in U.S. crude inventories.
Oil hits 2019 high in April on China growth, lower US crude stockpiles Crude oil prices moved up as declining U.S. inventories, supply cuts by major producers and U.S. sanctions on Venezuela and Iran all lent support. Crude oil prices hit their highest since November after Washington announced all waivers on imports of sanctions-hit Iranian oil would end next week, pressuring importers to stop buying from Tehran and further tightening global supply.Crude oil Prices moved downward in last week of month on expectations that OPEC will raise output to counter shrinking exports from Iran after sanctions imposed by the United States, where crude stocks have swelled.
Oil prices were down for most of the last week of May It was the worst month for crude oil in 2019. Crude oil fell after data showed a surprise rise in U.S. crude inventories and the U.S.-Chinese trade dispute threatened demand. Crude oil prices also dropped ongoing trade tensions weighed on the demand outlook.
