By Srinivas Chowdary Sunkara // petrobazaar // 21st Sep, 2018.
Both the global crude markers slipped by around 1 pct yesterday. Brent fell slightly to $78.7 with $0.7 down and WTI shrank by $0.8 to $70.32 a barrel last night. Trump blasted the OPEC cartel for higher oil prices and urged the group to bring prices down. Analysts pointed the tweet to the upcoming election. U.S oil prices were drived down by Trump tweet though proposed Iranian sanctions continued to support. Brent is fighting to break the psychological level of $80. It could not cross as the markets are taking profit at $80 mark.
Market is looking at the OPEC and non-OPEC meeting to be held on Sunday to discuss the allocation of extra barrels to off set the missing barrels after U.S sanctions against Iran kick in, taking off around 1 Mbpd. Today, Oil markets are recovered from yesterday's loss on supply concerns ahead of sanctions period. Both the futures are trading high at the time of reporting. Turning to economic data, We see euro zone, German and U.S manufacturing PMI data today. Coming to reports, Baker Hughes will report U.S rig count. Good day.
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