By Srinivas Chowdary Sunkara // petrobazaar // 22nd August, 2018.
Brent for Sep delivery closed up at $72.63, a 0.58% increase and WTI Sep futures contract expired with a gain of 0.92 pct at $67.35 yesterday. U.S crude for Oct delivery traded at $66.07 a barrel after ending the session at $65.84 last night. U.S oil gained around 2 pct in this week and drew support from API report of drawings in U.S crude supplies for 5.17Mb and gasoline supplies by 930K during the last week. EIA will confirm the numbers later today. Consensus is on 3.4Mb decline in crude, 400Kb in gasoline and up in 2Mb of distillates stocks.
Russians continued to pump and Saudi agreed to push up supplies and U.S is ready to release oil from emergency reserves to replace the Iran oil, Which is occupying the traders minds. It is a big question how Tehran is going to handle the expected unease with the deepening economic trouble. The signs of support from EU to Iran is quite confusing. The only hope is China. Trump expects that this economic and diplomatic arm twisting will force Iran to negotiate a new deal. Let us wait and see .Today Asian markets are opened in green. Good day.
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