By Srinivas Chowdary Sunkara // petrobazaar // 26th July, 2018.
Brent closed last night up $0.49 to $73.93 while WTI closed at $69.3, up $0.78. Both the front month futures rose for the second day in a row as the EIA reported a significant drawings in U.S crude and product stocks. Market became volatile following the weekly stats. It seems that the report suppressed the fears of over supplies. Oil prices were tumbled to day's low from highs and recouped after the traders digested the news.
It should be expected that this time of year, We see stock draws in U.S. I am surprised that the markets have ignored the Trump signal of making 'work out agreement' with Iran and I dont think that the 'modified agreement' will replace shortage of bbls in Nov. IMF reported that the skyrocketing inflation rate in Venezuela restraining the country from boosting of output from record 30 years low of 1.5Mb. Today, Asian markets are opened with gap up and expected to continue rally. good day.
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