By Srinivas Chowdary Sunkara // petrobazaar // 1st February, 2021.
Brent oil current month futures prices edged up 35 cents or 0.63% to $55.88 a barrel on London based ICE Futures Europe exchange. WTI oil futures for March delivery inched down 14 cents or 0.27 pct to $52.2 a barrel on NYMEX on Friday. In Shanghai, Crude oil main contract futures prices traded up 1.7 Yuan or 0.51 pct to close at 335 Yuan/bbl while MCX crude oil current month futures prices settled down Rs.13 or 0.34% to close at Rs.3822 a barrel on Friday. Brent premium over WTI widened up by $3.68 a barrel during the session.
The world crude oil benchmark price indices are mixed as the demand worries out weighed bullish sentiment due to cut in Saudi's oil supply and significant draws in U.S inventories. Both the benchmarks registered monthly gains while Brent registered fourth positive week in five whereas WTI logged in weekly loss. Turning to weekly data, U.S oil rigs rose 6 to 295 this week. Money manager reduced their net length in WTI crude oil futures and options by 12219 contracts to 342701 in the week ending Jan 26th. Long-only positions fell by 491 while short-only positions rose by 11728 as per CFTC data. On the supply side, OPEC+ sees almost full compliance with Jan oil – supply cuts. Analysts are remain bullish with stock draws continuing helped by colder weather. Asian markets opened mix today and it doesn't demonstrate any firm trend so far.
Good day to all
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