By Srinivas Chowdary Sunkara // petrobazaar // 22nd Oct, 2018.
Brent rose by 37 cents to close at $79.66 while WTI edged up $0.47 to $69.12 on Friday. Both the crude futures posted weekly loss for second consecutive week. Brent lost below 1 pct and U.S crude slipped by around 3 % during the last week. Ballooning stocks in U.S and trade war fears weighed on oil prices while positive demand growth in China extended support to oil prices last week.
Oil markets opened in positive territory on last Monday on Geo-political news, dragged its momentum on API prediction of draws in U.S crude stocks. Bearish EIA data corrected the price direction to below $80. Two contradicting factors in China's data on Friday, Increase in refinery through put and weakest economic growth recorded in the 3rd quarter. Market dragged some support from high compliance rate in alliance production cuts in Sep. Oil's intermittent correlation with equities market also kept oil prices up. Supply demand equilibrium remains fragile and trade wars are expected to crimp economic growth in 2019. Markets are sitting neutral and it's a time for new move. Asian markets are opened in positive territory today. Have a good day.
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