By Srinivas Chowdary Sunkara // petrobazaar // 5th Nov, 2018.
Crude market passed through another bearish week. On Friday, Brent futures for Jan slipped by 6 cents to $72.83 and U.S crude front month futures were down by 55 cents to $63.14. Both the crude markers posted a weekly loss of above 6 percent for the 5th straight week. After losing above 10 percent during the Oct month, Crude futures became the worst monthly performers.
Last week, Oil markets started with a bearish mood on the continued spill over of the financial markets woes on crude due to its strong correlation with oil complex. Prices were under pressure for the rest of the week as the traders continued to cut down bullish wagers on bearish weekly stock reports, Over supply talk, Uncertainty in demand outlook amid global trade war. 'U.S considering the waivers to 8 importers from the sanctions' was the talk of the week and kept the market check. Baker Hughes reported that U.S drillers took out one oil rig from the operations during the last week. U.S sanctions on Iran comes into effect from today and markets have been preparing for the months. Asian markets are opened in red today.
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