:: Market News --- ID :: 15329
crudetoday/11-09-2018
Blinking in disbelief

By Srinivas Chowdary Sunkara // petrobazaar // 11th Sep, 2018.

Brent went up by $0.54 to $77.37 and WTI slid by $0.21 to $67.54 yesterday from previous close. Monday morning, trade rally started with a talk of supply tightening. The low rig count kept floor for high oil prices during the early hour's trade. Later on, Traders anticipated the rise in U.S crude stocks on Bloomberg report contradicting the Genscape numbers, killed the rally. 

Turning to supply side, Major Iranian crude buyers reportedly cooled off trade with Iran ahead of U.S sanctions. U.S energy secretary is scheduled to meet with Saudi's energy minister in this week and with Russia's energy minister later this week to discuss the additional production options to replace Iran oil. Coming to reports, Dollar continued to be strong on U.S employment data. Japanese GDP came out on brighter side. OPEC and IEA Monthly oil reports are expected during the week which may spur little price volatility. Asian Markets are opened up today. Good day.

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