crude markets up on expected more cuts – 20-11-2023

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Brent oil futures prices for Jan delivery rose $1.3 or 1.6% to $81.91 a barrel while WTI oil Jan futures are trading up $1.26 or 1.67% to $77.15 a barrel on Monday at the time of reporting. Both the benchmarks signed in around 4% profits on Friday. Brent premium over WTI widened to $4.72 a barrel on late week.

The crude benchmark indices continued to demonstrate upside momentum today on expectation of deepening supply cuts by the supplier’s council. The crude markets logged down around 20% after Sep 1st. If the producer’s group agrees for further tightening spigots, Prices will boost for short time but it is dubious for long term. U.S drillers added more oil rigs during the last week as per Baker Hughes data.

On the technicals, Investors sold 5053 Brent contracts to 170985 while portfolio investors were the net sellers of WTI futures and options for the week ending Nov 14th. Longs exited while shorts built up positions. It is clearly visible that bears are going to continue fest.

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