By Srinivas Chowdary Sunkara // petrobazaar // 25th Oct, 2018.
Brent front month futures prices were little down by 27 cents at $76.17 and WTI futures closed up by 39 cents to $66.82 last night. Both the crude markers are under severe selling pressure for last couple of days. Shanghai crude oil prices are also dropped by 3.3 pct yesterday.
Analysts say that the strong correlation of oil prices with equity markets and ballooning stocks are weighing on oil prices. The news of 'Iran sanctions' lost its meaning ahead of sanctions regime. The news was heavily priced in to push the prices all the way to above $80 mark. Finally its a game plan based on unconventional statements by oil gurus. Turning to weekly reports, EIA confirmed the API numbers with a little difference. Coming to economic data, Euro zone manufacturing PMI data, U.S new home sales data and the ECB 's interest decisions are to be referred today. Asian markets are trading in red today. Good day.
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