By Srinivas Chowdary Sunkara // petrobazaar // 18th July, 2018.
Brent closed with a modest gains of $0.32 at $72.16 and WTI inched up at $68.08 with $0.02 last night. Concern of global output amid uncertain political and economic backdrop extended some support to oil prices yesterday.
Market fell steeply on last Wednesday on profit booking over Libya's announcement of reopening the taps. Later on Saudi and Russia informing the world of their plans along with the U.S announcing supplies from emergency stocks tumbled down further by 4 pct on Monday. The longs have been waiting for an opportunity to enter into market. As per the API numbers, crude stocks were built up by 600K and gasoline, distillates also added stocks. EIA report is awaited and consensus is on fall of 3 Mb in crude stocks. Today, Asian markets are opened with a gap down on bearish weekly numbers.
Have a good day.
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