By Srinivas Chowdary Sunkara // petrobazaar // 28th Oct, 2018.
On Friday, Oil prices got lift along side of equity markets, but optimism is measured. Brent edged up 73 cents at $77.62 and WTI inched up by 26 cents to $67.59. Both the crude markers posted third straight weekly loss as the stock market plunged roiled over the oil markets.
Energy complex is maintaining relatively strong correlation with daily ups and downs in global stock markets. Energy stocks slumped on signs of slow down in global trade, spilled over the oil markets despite of strong oil fundamentals on Iran sanctions during the week. Brent lost $10 in Oct and brent curve is flirting with contango. On the flip side, Crude prices are expected to turn bullish from Nov.4th on the initiation of U.S sanctions on Iran. Baker Hughes reported that the 2 nos of oil rigs were added into U.S drilling activity during the last week. Good day.
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