By Srinivas Chowdary Sunkara // petrobazaar // 14th Sep, 2018.
Brent gave up $1.56 to $78.18 with 2 pct fall and WTI shrank over 2.5% by $1.78 to $68.59 a barrel last night after touching highs in previous session. Brent touched $80 level on Wednesday backed by the expected supply disruptions as Hurricane Florence storm threatened U.S east coast.
Turning to Monthly stats, OPEC reduced its forecast for oil demand in 2019 pointing to economic risks. IEA monthly report highlighted a ramp up in OPEC month on month production and increasing global supplies. IEA report encouraged profit taking made a slippery slope for both the bench marks.
Coming to weekly data, EIA reported a draw of more than 5 Mb in U.S crude inventories, confirming the API data. U.S oil production dropped by 0.1Mbpd, after a huge growth for last two years. Bulls, who are playing on the trumpet for upcoming supply constraints due to Iranian sanctions, enjoyed the news of drop in U.S production.
Today, Both the crude markers clawed back some of the losses from previous session as the Asian markets are opened up. Good day.
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