:: Market News --- ID :: 15113
heading towards weekly loss

By Srinivas Chowdary Sunkara // Petrobazaar // 13th July, 2018.

Both the benchmark futures were closed mix yesterday. Brent gained $1.05 to $74.45 and WTI lost a nickel to $70.33 a barrel last night. On Thursday, oil markets recovered from previous day's steepest loss as the focus was shifting to bullish weekly stats and monthly oil reports. Market could not see expected volatility from monthly reports. 

In its MOR, The IEA welcomed the additional supplies from middle east and in the opinion that Saudi alone can not carry the burden of filling the gaps. IEA warned that the supplies are being stretched to spare capacity.The Paris based congress worried on the ongoing outages and  Venezuela production drops etc. This report is estimated a growth fall in 2H18 largely attributed to higher oil prices led to low consumption. Today Asian markets are opened up and rig count data is awaited. have a good day.

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