By Srinivas Chowdary Sunkara // petrobazaar // 11th July, 2018.
WTI prices settled high at $74.11 with $0.26 increase whereas Brent closed up at $78.86 with $0.79 up last night. It seems that Brent is over doing as the bulls are jumping on any news of supply disruptions, ignoring the supplier's spare capacity and fundamentals. API reported a fall of 6.8 Mb of U.S crude supplies. Asian markets opened down today on U.S turn on relief to sanctions.
I am surprised to see that Bulls are responding to API data after knowing reliability of data without EIA stats. Bulls had a long journey and took prices to new highs since the day U.S announcing the sanctions on Iran. Now U.S took 'U' turn to give relief on sanctions. Let us face it. Norway workers strike may not go long and Libya's National oil company announced that Oil port closures continued to down the production. Canada's outage will be restored by July end and UAE announced for spare capacity. Bulls, let us be not emotional while trading. Have a good day.
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