By Srinivas Chowdary Sunkara // petrobazaar // 31-10-17.
Crude oil prices are steady near two years high and is set for its first back to back monthly gain since last year. Newyork futures recorded a jump of 4.9% jump this month that would be best October since 2011. The prospectus of increase in U.S exports dampened bullish sentiment that has driven Brent to above $60. API report is awaited on Tuesday. Bloomberg reported that EIA will report another major fall in crude stocks for fifth consecutive week. Oil prices are bullish but contracts are losing the momentum towards upside. Shale production is keeping a lid on oil prices.
WTI, Brent price today
U.S crude futures, West Texas Intermediate (WTI) for December delivery rose 27 cents or 0.5% at $54.42 a barrel while Brent futures to be delivered in the month of Deember were up 37 cents with 0.61% change towards upside at $60.96. Brent is trading at a premium of $6.54 at 22:57 IST.