By Srinivas Chowdary Sunkara // petrobazaar // 23rd August, 2018.
Brent front month futures went up by $2.12 to $74.75 and WTI Oct futures spiked by $2.02 to settle at $67.86 last night. Both the futures went up yesterday and surged for 5th straight day, reached highest after 7th of Aug. API, the age old predictor got confirmation from EIA and doing the best to increase the trust bar.
The EIA reported solid drawings of 5.8Mbpd in U.S crude supplies during the week ending 17th Aug. Gasoline and distillates stocks were added. U.S crude production inched up at 11Mbpd. With high record refinery run rate, crude oil inputs were slid while import numbers also dipped. Cushing stocks were improved while Gulf coast crude stocks were largely drawn. Both the crude futures enjoyed a streak of gains yesterday on supply concerns backed by bullish weekly numbers.
Coming to Oil news, Saudi called off the public issue offer of its state owned oil company 'Aramco'. Iraq announced to increase the production and exports. while U.S, Russia and Saudi are opening taps at highs, Markets need not have 'concern on supply'. Today Asian markets are opened down with the escalation of U.S and China spat after implementation of further tariffs yesterday. Volatility is expected.
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