By Srinivas Chowdary Sunkara // petrobazaar // 13th August, 2018.
Brent gained 1 pct to $72.79 and WTI closed up with 1.23 % at $67.63 on Friday. Both the front month futures posted another weekly loss. WTI slipped for 6th straight week, a worsening of losing streak in three years.
On last Monday, Oil futures opened in positive territory on a surprise dip in Saudi's oil production in July. Oil prices moved mostly sideways during the last week on headline news. Geo-politics overshadowed bullish weekly stats. U.S – China trade news continued to drive the oil prices. IEA report was out and the watch dog was in the opinion that current lower oil prices and lower oil demand will continue even after cooling down of the supply concerns. Now markets will focus on U.S sanctions on Iran might point to tighter supplies. U.S drillers became active with additional rigs of 10 nos into U.S markets, indicating that Americans are trying to produce more to compensate the forth coming oil shortage in the markets. Asian markets are opened up today. Good day.
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