By Srinivas Chowdary Sunkara // petrobazaar // 5th Sep, 2018.
Both the crude markers inched up modestly with a few cents last night. Brent closed up by 2 cents at $78.17 and WTI edged up by 7 cents to $69.87. It was all about U.S weather news yesterday. Many rigs in Gulf of Mexico evacuated as the hurricane Gardon approaching the region but it looked like storm missed bulk of production platforms. Even if the storm follows the expected path, the impact on production would be minimal as per the analysts.
Brent is being supported by the tightening of global oil supplies. U.S directly targeted Iranian oil which has shown an impact of around 150,000 barrels short fall in Tehran's exports last month. As per the reports, Asia's biggest consumers will continue to import Iranian oil with higher discounts and coverage of shipping and insurance by Iran. The Third largest buyer, Europe is interested in U.S oil due to other reasons. Coming to stats, API report is expected today and Markets are waiting for monthly oil reports. Turning to economic data, U.S manufacturing PMI is to hear. Today, Asian markets are opened in red and trading down at the time of reporting. Good day to all.
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