By Srinivas Chowdary Sunkara // petrobazaar // 8th Oct,2018
Oil markets settled with weekly gains during the last week. On Friday, Both the futures were steadied on positive U.S pay roll data. Saudi's reassurance to replace Iran's barrel from Nov. extended support. Both the crude markers advanced significantly in the beginning of last week as the markets mostly focused on supply interruptions news. Producer's promising for further supplies and commercial stocks builds data dented the gains in the middle of last week. Drillers continued the longest weekly streak by cutting two oil rigs for the week to Oct.5th.
Financials traders built long positions on the expectations of further price increase. Today, Asian markets are opened down as the bears are coming back into action on a potential chances of U.S may consider waivers on Iran sanctions and Saudi's assurance of replacing any significant short fall from Iran. Keep in mind that spare capacity is dwindling and gradually fundamentals will bind in the early 2019. Turning to data, Markets will focus mostly on IEA, OPEC monthly data apart from weekly stats in this week. Have a good day.
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