By Srinivas Chowdary Sunkara // petrobazaar // 4th Sep, 2021.
Brent oil futures for Nov settlement slipped 42 cents or 0.58% to $72.61 on London based ICE futures Europe exchange. WTI oil Oct futures prices decreased 70 cents or 1 pct to $69.29 a barrel on NYMEX last night. In Shanghai, Crude oil main contract futures prices traded up 11.2 Yuan to 456Yuan/bbl while MCX crude oil front month futures prices settled Rs.68 lower at Rs.5064 yesterday. Brent traded at a premium of $3.32 over WTI during the session.
The world crude oil price index curves continued to slope down yesterday as traders preferred for profit booking on late week. Crude futures logged in very think weekly gains yesterday. Expected rebound in global demand and a slow recovery in U.S gulf coast exports post Hurricane Ida, lent support to oil prices during the week. Producer's group decision to continue with agreed rein in production cuts signaled bullish trend going ahead. Money managers reduced their net length in WTI while increased in Brent in the week ending Aug 31st as per CFTC and ICE data published.
Good day and Happy week end to all.
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