By Srinivas Chowdary Sunkara // petrobazaar // 13th Oct, 2018.
Brent closed up by 17 cents with 0.21 pct increase at $80.43 a barrel and U.S crude edged up by 37 cents or 0.53% to $71.34 per barrel last night. Both the crude markers posted around 4-5 pct weekly loss. Correlation with equity markets has come back in this week. Weak economic data, global trade wars and rising oil prices caused for a correction in global equity markets which has weighed on oil prices.
Both IEA and OPEC trimmed the oil demand forecast for the current year and coming year. IEA says that costly oil has come back into market and OPEC said that oil markets are well supplied. As per EIA, Refinery maintenance season piled up the U.S stock levels four times as high as those predicted by analysts. Increased American's production numbers along with the bearish monthly oil reports pressed the oil prices. Rig numbers will come today. As per FIS, U.S black gold will become black platinum as demand for lighter sweeter crudes increases to deal with the IMO sulphur 0.5% cap. Yes. It is a food for thought over week end. Have a nice week end.
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