By Srinivas Chowdary Sunkara // petrobazaar // 25th Sep, 2018.
On Monday, Brent prices hit four years high level after 2014 to settle at $81.2, A spike of 3 pct and U.S crude breached $70 mark to close at $72.08 after gaining around 2 pct. Asian markets are opened strongly today on the escalation of trade tensions between U.S and China.
Coming to supplies side, During the week end, OPEC and allies could not reassure the market to turn the oil production taps up to offset the Iran barrels coming forth. The group ignored the Trump's appeal to push supplies up to cap the hike in oil prices. The producer's cartel is in the opinion that the market is well balanced and could be able to compensate the missing barrels from Iran, Venezuela and Maxico for last couple of months. Turning to demand side, India signaled to reduce crude imports due to higher prices. Asian countries are enjoying higher discounts from Tehran for last couple of months.
Good day.
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