By Srinivas Chowdary Sunkara // petrobazaar // 18th Sep, 2018.
Brent Nov futures contract shed 4 cents to $78.05 and WTI Oct futures contract lost 8 cents to close at $68.91 a barrel on Monday. Both the crude markers slipped after posting a weekly gains on Friday. Yesterday, Oil prices were sparked up by the supply worries on Iranian sanctions wef Nov.. Escalation of trade war between world major economies also added to the fuel. Later, Margins were capped by the statement of U.S energy secretary, Mr.Rick Perry that Saudi and Russia will replace the Iran oil from Nov..
Inventors also focused U.S production numbers as shown by EIA. Traders also eyed the scheduled meeting of 'Joint Ministerial Monitoring Committee' in Algiers on Sep, 23rd, where another 1Mbpd production increase is expected to propose. 'Joint Technical Committee' reported that compliance rate of production by participating countries in original production cut fact, fell to 109% in August. API report to come out later today. Oil prices are trading down during the Asian hours today at the time of reporting. Good day.
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