By Srinivas Chowdary Sunkara // petrobazaar // 5th July, 2018.
Brent Sep futures closed last night up $0.48 to $78.24 a barrel while WTI futures for August delivery settled at $74.33, up $0.19 per barrel. It seems that the oil markets are confused over supply disruptions and producers pledges. Although OPEC cartel committed to increase the production at Vienna meeting, Traders are increasingly doubtful over the ability of the Saudi to prop up production through spare capacity. Trump again urged Saudi to increase the production while blaming the producers cartel for higher oil prices. He is more concerned with the higher gasoline prices before mid term elections in U.S.
Bulls are waiting for a room in the coming weeks on supply disruptions from Libya, Venezuela along with bullish demand news. For last couple of days, Brent is stuck between $75 and $80 and I doubt whether $80 is the highest enough in the coming days based on the upcoming bullish news. Asian markets are continued with opening with gap ups on Trump's tweet. EIA data out today. Good day.
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