By Srinivas Chowdary Sunkara // petrobazaar // 8th August, 2018.
Brent advanced $0.09 to $74.65 and WTI rose $0.16 to settle at $69.17 last night. Oil prices are creeping up for two out of last three sessions. Geo-political factor continued to be the major driving factor for now as the introduction of U.S sanctions against Iran shadowed the API report of expected large drawings in U.S crude stocks for the week ended. EIA will certify API report later today and consensus is on drawings. Surprise fall in Saudi's production also in the top of the list of what is driving the oil prices.
The latest reports on China's trade activities and U.S job report are expected to move oil prices either way. Presumably China and Turkey rejected to U.S plea to cut down Iran oil and China announced that it is going to import Tehran oil to compensate U.S oil in a retaliation of trade tariffs imposed by U.S on China products. Today oil prices are opened in positive territory during Asian hours. Good day.
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