By Srinivas Chowdary Sunkara // petrobazaar // 27-10-17.
Crude oil prices seeing above 2 percentage change today. Oil prices are taking support from several areas such as OPEC and non-OPEC probably and very likely to extent production cut agreement after March, 2018 on completion of interim period. The indications are supported by Saudi Crown prince Mohammad bin Salman on Thursday. Supply issues from North Iraq is also taking attention and people are thinking that if the problem intensifies, we can see some more oil will go offline. In U.S, shale producers are not pumping sufficient oil as the suppliers are looking at balance sheet and cash flows to sync with pricing. Putting altogether strengthened oil prices and the Brent surged above $60, a remarkable level after June, 2015.
WTI, BRENT PRICE TREND
The U.S crude oil futures, WTI to be delivered in December rose $1.07 or 2.03% to $53.71 after touching a day's high of $53.93 a barrel on Nymex. Brent futures for December delivery moved up by 93 cents or 1.57% at $60.23 after touching a day's high of $60.51 per barrel on London based ICE futures Europe exchange at 22:25 IST. Brent prices were up 4.3% this week. Brent traded at a premium of $6.51 to WTI.