By Srinivas Chowdary Sunkara // petrobazaar // 07-11-2017
Crude Oil prices eased from yesterday's two and half years high levels on escalating tensions between Saudi and Iran after the arrests by Saudi Crown Prince. Analysts are in the opinion that the recent move in oil prices is not speculative and there is more permanent shift underway. The macro price change is also supported by the continuous draw downs in U.S crude and products stocks for 7th consecutive week apart from dropping production numbers. OPEC compliance rate with production cuts rose by 23 percent month - on - month to 104% in October, which is a second highest level since the OPEC began curbing production since Last Jan.
WTI and Brent Price today:
U.S crude oil futures, WTI for December delivery changed slightly towards down by 22 cents or 0.384% at $57.13 per barrel on Nymex while Brent futures to be delivered in January dropped by 57 cents or 0.887% at $63.7 a barrel on London based ICE futures Europe exchange by 10:16 p.m IST. Brent is trading a premium of $6.57 per barrel to WTI at the time of reporting.