By Srinivas Chowdary Sunkara // petrobazaar // 31st August, 2018.
On Thursday, Brent closed up at $77.77 with $0.63 or 0.82% increase and WTI went up to $70.65, a $1.14 or 1.64% jump from last closing price. Both the crude markers posted highest settlement during the month. The bullish EIA weekly numbers for the second straight week are attributed to be the cause of high oil prices. In reality, Bullishness remains rooted in looming Iran sanctions. Iran export numbers are shrinking while Venezuela situation is deteriorating.
As per IEA estimated upcoming growing demand from Asia amid supply concerns undoubtedly will take Brent to $80 very soon. On the financial front, U.S second GDP growth rate of 4.2% as against the estimated 4% especially during the period of trade war, created a bullish sentiment for WTI. Today Asian markets are opened in bearish mood and trading down at the time of reporting. Good day.
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