By Srinivas Chowdary Sunkara // petrobazaar // 3rd Sep, 2022/
Brent oil futures for Nov delivery traded up 56 cents or 0.61 pct to $93.02 a barrel while WTI oil Oct futures prices went up 26 cents or 0.3 pct to settle at $86.87 a barrel on NYMEX last night. In Shanghai, Crude oil main contract futures prices slid 3.5 Yuan or 0.5 pct to 695.4 Yuan/bbl where as MCX front month futures prices traded Rs.30 up to Rs.6953 a barrel yesterday. Brent traded at a premium of $6.15 a barrel during the session.
The world crude oil price index curves took upturn yesterday in a volatile trading after falling in three previous sessions. Both the benchmark futures clocked weekly losses after markets worried over bearish signals across the market. Markets were supported by OPEC+ talk of output cuts yesterday though economic worries looming over market after weak Chinese factory numbers and inflation pressures from West. On the supply side, Traders were skeptical over Iran deal. G7 countries agreed for prices cap on Russian oil to curb revenues for Moscow. Turning to weekly numbers, Baker Hughes reported that U.S drillers reduced rig numbers to 760. Money managers reduced their net-length in WTI crude oil futures and options by 10.719 contracts. Long only positions fell by 1722 and short-only positions fell by 8997 as per CFTC data. OPEC+ meet is in focus next week.
Good day to all and happy week end
Disclaimer: Views and opinions expressed here are personal. This commentary is for information purposes only and not an offer or a solicitation to sell or buy any physical commodities or financial instruments. The views and analysis are based on reliable public information available at the time of writing. This report and its content cannot be copied, redistributed or reproduced in part or whole without the prior written permission of petrobazaar.com
