Crude Oil prices are rebound and inched up slightly during the day trading. Oil prices are set to post a weekly loss on profit booking amidst the persistent tensions in gulf region. Prices were treading during the week without any momentum, searching for a clue. Analysts are in the opinion that a fall in U.S crude stocks is an indication of re balancing around the market. Increase in U.S crude exports, factoring the WTI discount to Brent is also considered as another reason for dip in stocks. The global markets are compensating the OPEC production cuts with the increase in crude imports from U.S
Crude oil price today
U.S crude oil grade, West Texas Intermediate (WTI) futures for November delivery are trading with a loss of 13 cents or -0.25% at $51.38 per barrel on Nymex while Brent December futures are trading low by 16 cents or - 0.28% at $57.07 a barrel on London based ICE commodity Europe exchange at 10:16 P.M IST. Brent is trading at premium of $5.69 per barrel to WTI.
By Srinivas Chowdary Sunkara