By Srinivas Chowdary Sunkara // petrobazaar // 6th Oct, 2021.
Brent oil futures for Dec delivery climbed $1.3 or 1.6 pct to close at $82.56 a barrel on London based ICE futures Europe exchange. WTI oil Nov futures prices surged $1.31 or 1.69% to settle at $78.93 a barrel on NYMEX last night. In Shanghai, Crude oil main contract futures prices remained unchanged at 494.6Yuan/bbl while MCX front month futures traded up Rs.64 to Rs.5893 a barrel yesterday. Brent premium over WTI narrowed down to $3.63 a barrel during the session.
The world crude oil price index curves continued to hover at multi years high. Brent futures are trading at three years high while U.S crude futures are trading at 2014 highs. Oil markets are seriously grappled with concern over supply deficit on OPEC+ decision to stick to an existing pact to hike oil output by 400,000 barrels per day in Nov despite consumer calls for more crude and surging prices that threaten an economic recovery form pandemic. API estimated that U.S crude stocks are built up by 951K while gasoline and distillates stocks are piled up by 3.682Mbpd and 345Kbpd respectively during the last week. EIA will confirm numbers later today. Asian markets are trading in green today, Adding to previous session's gains.
Good day to all.
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