By Srinivas Chowdary Sunkara // petrobazaar // 2nd Oct, 2018.
Brent closed up by $2.26 at $84.78 and U.S crude rose to $75.3 after rising about 2.8 pct yesterday. Both the crude markers are at four years high levels after Nov, 2014. Drop in U.S oil rigs, Consequences of the upcoming U.S sanctions on Iran, Trade fear and NAFTA agreement pushed the oil prices up yesterday. Brent and WTI closed with weekly gain of $3.92 and $2.47 during the week ended. Both the futures posted a monthly gains above 5 pct and Brent rose 4.87 pct during the quarter ended.
It seems that Brent at $100 is possible, if not inevitable as per analysts. Ridiculous stories on $100 are started to coming out to the market even Iranian sanctions are one month away. No matter what they say, Fundamental questions are need to be answered. Higher oil prices always trigger inflation in turn affect the oil demand. Today Asian markets are trading up at the time of reporting. Have a good day.
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