By Srinivas Chowdary Sunkara // petroabazaar // 3rd Sep, 2021.
Brent oil futures for Nov delivery rose $1.44 or 2.01 pct to $73.03 a barrel on London based ICE futures Europe exchange. WTI oil Oct futures prices went up $1.4 or 2.04% to close at $69.99 a barrel on NYMEX last night. In Shanghai, Crude oil main contract futures prices edged down 1.7 Yuan to 444.8Yuan/bbl while MCX crude oil front month futures prices jumped Rs.139 or 2.78 pct to settle at Rs.5132 a barrel yesterday. Brent traded at a premium of $3.04 a barrel over WTI during the session.
The world crude oil price index curves moved up on optimism over economic recovery that pushed oil price rally yesterday. Bullish U.S crude numbers indicated strengthening of demand, Supported with expected economic recovery, buoyed oil price rally. Producer's group, OPEC+ raising demand forecast for 2022 despite of surging virus cases signaled bullish bet across the market. Improved U.S labor market amid increasing virus cases, Lent some support to oil complex. Rig numbers are awaited later today. Asian markets opened flat today and it does not demonstrate any firm trend so far. Both the benchmarks are set to close the week with moderate margins. Good day to all.
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