By Srinivas Chowdary Sunkara // petrobazaar // 23-10-17
Crude oil prices are trading flat at the time of reporting. Both the future contract prices opened at high on bullish news of lower oil rig numbers and Geo-political headlines from norther Iraq and Iran on sanctions.
Investors are coming back into ring
Oil prices are hovering above $51 and $57 levels in Newyork and London subjectively. Despite of headed unseason, Demand growth, Shale operating lower number of rigs, Reported slump in U.S stocks, Remarkable drop in stocks of OECD countries, 120% compliance rate and OPEC's indication of rollover of the production cut deal all together bringing back the investor who left the oil market two years back when oil prices went through steep fall. It is marked by Analysts as a 'Tug of war between short term bullish drivers Vs real concerns for the oil market balance for 2018'.
Crude Oil Prices today:
U.S crude grade, West Texas Intermediate (WTI) futures for December delivery is trading at 5 cents high or 0.1% with a volume of 433,213 at $51.89 a barrel on Nymex. The International Crude grade, Brent futures to be delivered in the Month of December is trading at a loss of 22 cents or 0.38% fall with a volume of 18264 at $57.53 per barrel on London based ICE futures Europe exchange. Brent is trading at a premium of $5.64 a a barrel to WTI at 21:26 IST.