By Srinivas Chowdary Sunkara // petrobazaar // 25th August, 2018.
Brent rose $1.09 or 1.46 pct to $75.82 and WTI went up $0.89 or 1.31 pct to $68.72 yesterday. Both the crude markers closed with weekly gains after a series of weekly losses. A steep fall in U.S inventories bumped up WTI to close week with 4.24 pct gains. weaker dollar served as a tailwind to oil prices amid interest rates hike by federal reserve. Exchange of handbags between and U.S and China is going on. A nice rally was seen in Brent, settled with 5.46 pct up at week end . Tightening of fundamentals outlook amid expected Iranians short supply is the only factor to be attributed behind Brent ups.
I observed that traders are being quite cautious and bull got upper hand in this week. I have a question to Bulls, When a strong dollar against a basket of currencies makes oil costly for the importing countries. In parlance, higher oil prices are also burdening them, which is resulting in slowing of economies, in turn will affect oil demand. where is the question of fundamentals?
Good day and have a great weekend.
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