By Srinivas Chowdary Sunkara // petrobazaar // 10th Sep, 2018.
Both the global crude markers posted a weekly loss during the week ended. On Friday, Brent inched up by $0.33 to $76.83 and WTI booked loss of 0.03% for the third straight session. During the week Brent lost 1.69 pct and U.S crude slipped by 3 %.
Last week it was all about weather news and shining dollar.The market got juiced up before storm and lot of the weakness unwinded from that. The storm weakened ultimately and moved away from oil producing zone. Weakly stats surprised the market with an unexpected fall in the U.S crude stocks while builds in the product stocks weighed down the oil prices. Strengthening of dollar on positive U.S employment data also pushed down oil prices. Currencies from Indonesia to India are under pressure making oil imports costly which in turn affect the demand. On the supply side, U.S crude oil production remained at 11 Mbpd and is expected to decelerate significantly until 4Q19. The only bullish factor to oil prices seems to be Sino- U.S trade war. Rig numbers are flat and drillers took out 2 oil rigs. Oil prices opened in positive territory on Monday during Asian hours. Good day to all.
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