By Srinivas Chowdary Sunkara // petrobazaar // 28th August, 2018.
Brent moved up by $0.39 to $76.21 and WTI rose $0.15 to $68.87 last night. Both the crude markers continued last week's upward momentum. Some times, crude markets work very closely to financial markets. Yesterday, The U.S equity bench marks rally to all time high picked crude futures up. The largest weekly drop of 9 numbers in U.S rig count after a period of two years, fueled oil prices up. The U.S trade deal with Mexico was found as a supporting factor to oil prices.
OPEC and non-OPEC producers cut their production 9 pct more than what is called by the cartel in July as per the monitoring committee. Brent drew support from the above news. Iranian sanctions news are already priced in. Today, Oil prices are opened high during Asian hours and trading down at the time of reporting. Good day.
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