By Srinivas Chowdary Sunkara // petrobazaar // 3rd August, 2018.
Brent for Oct delivery edged up $1.11 to $73.45 and Sep WTI futures rose $1.3 to close at $68.96 a barrel yesterday. Market digested the bearish numbers and started looking at low inventories at Cushing and healthy product demand. Prices were rallied yesterday on the signs that draining at U.S major supply hub will continue. Market shifted attention to Russians increased production in July and Saudi's discounted price to its Asian customers which is likely to weigh on oil prices today. Asian markets are opened with gap down.
I was going through an article on 'changes in economic practices'. after reading, I became skeptical on 'Oil price predictions'. Many of the analysts and banks are coming out with their own reports on oil price predictions. Many a times, I am worried with the degree of variance between these reports. I have a question, whether they are empirical to emphasis on evidence and data over simple theoretical speculation. If their premise is perfectly rational, speculation can be minimised to save many of the economies.
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