By Srinivas Chowdary Sunkara // petrobazaar // 21st August, 2018.
Brent rose to $72.21 and WTI crept to $66.43 last night. Both the futures are spiked by above 0.5% yesterday after long weekly losses. I did not find change in the oil market dynamics. As usual, crude drew some support from U.S – China meeting to resolve tariff tensions. To my surprise, Trump is in the opinion that these meetings may not yield remarkable change in trade relations. To repeat, that the slowing growth from emerging economies weighed on oil prices.
Iran said after meeting with OPEC secretary general over week end that no other country in the OPEC cartel should take its market share. China rejected U.S plea to reduce volumes from Iran, EU is putting efforts to save 2015 nuclear deal between Tehran and major powers. Now U.S eyed on Turkey with sanctions. Today oil prices are opened in positive territory during Asian hours. Good day.
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