By Srinivas Chowdary Sunkara // petrobazaar // 29th June, 2018.
U.S crude oil prices are at three and half year's high
Yesterday, Brent futures were up by 23 cents or 0.3 pct at $77.85 from its previous close. WTI futures were at $73.45 a barrel with an increase of 69 cents or 0.95 % from their last settlement. Today Asian markets are opened down.
It seems that offline traders are clueless on U.S statement of working with the countries, importing Iranian oil to bring Iran imports to zero before Nov 4th. China has not responded. Indian oil minister said that the decision will be in the national interest. Markets are trying to digest the fact that the more oil is expected to come offline if Iranian imports are stopped and the more oil will come offline than OPEC agreed to compensate last week.
Oil prices were bolstered by the large drawings in crude stocks resulted in increase in exports and physical stocks during the driving season. The Syncude outage which is expected to last till July end, caused the lowering of stocks in Cushing also caused high U.S oil prices. The spread was further narrowed.
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