By Srinivas Chowdary Sunkara // petrobazaar // 20th August, 2018.
Brent rose $0.4 to $71.83 and WTI surged $0.45 to $65.91 on Friday. Brent lost 1.29% for third consecutive week where as U.S slipped 2.52 pct for seventh straight week, a lowest close since April.
Oil started last week with bearish momentum and continued with high volatility caused by the uncertainty spurred by on going trade wars. Bearish weekly numbers and slowing economy reported by monthly oil reports took a toll on oil prices. A slight decrease in dollar strength and the news of likely meeting of China's officials with U.S counterpats in this week extended support to oil prices on Friday. Rig count remained same this week after an addition of 10 rigs early week. Asian markets are opened with gap down today. Slowing emerging economies due to higher oil prices and losing streak of local currencies against dollar would push down the oil demand across the globe is the cause of concern for the market today. Chinese industrial data disappointed the market. Let us see which turn oil will take this week. Good day and week to all.
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