By Srinivas Chowdary Sunkara // petrobazaar // 2nd Nov, 2022.
Brent oil futures for Jan delivery rose $1.84 a barrel or 1.98 pct to close at $94.65 a barrel while WTI oil Dec futures prices gained $1.84 or 2.13% to settle at $88.37 a barrel on NYMEX last night. In Shanghai, Crude oil main contract futures prices went up 12.6Yuan to 692.4Yuan/bbl where as MCX crude oil front month futures prices ballooned up Rs.209 or 2.94 pct to Rs.7318 per bbl yesterday. Brent Dec contract expired yesterday.
The world crude oil price index curves demonstrated upside momentum yesterday after both the benchmarks clawed back previous sessions losses. Optimism over China could reopen from strict covid curbs that may boost oil demand and OPEC estimation of demand growth in medium and longer term are the some of the fundamental factors that pushed oil prices up. OPEC+ group decision of extending cuts to 2Mbpd comes into affect from today. On the weekly data side, API reported that crude and gasoline stocks fell by about 6.5Mb and 2.6Mb respectively while distillates stocks are expected to rise by 870000 barrels last week. EIA will confirm numbers later today meanwhile consensus is on piling up crude stocks. Today, Asian markets are trading up at the time of reporting.
Good day to all
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