By Srinivas Chowdary Sunkara // petrobazaar // 7th Sep, 2021.
Brent oil futures for Nov delivery slid 14 cents to $72.47 on London based ICE futures Europe exchange. WTI oil Oct futures prices went down 41 cents to $68.88 a barrel on NYMEX last night. In Shanghai, Crude oil main contract futures prices traded down 8.5 Yuan to 447.5Yuan/bbl while MCX crude oil current month futures prices settled Rs.29 lower at Rs.5035 a barrel yesterday. Brent traded at a premium of $3.59 a barrel over WTI during the session.
The world crude oil price index curves moved stable on Monday as the market became clueless over the price direction after KSA cut the OSP to Asia. Markets are grappled with demand woes amid OPEC+ decision to open spigots and the delta variant of corona virus in major consuming countries clouded economic outlook. Investors also presumed that deep price cuts in OSP to Asia is a sign of tepidness. Analysts are in the opinion that oil prices are struggling to move high as the U.S summer driving season wanes after Labour Day weekend and as a weaker than expected U.S Jobs report underlined slow economic activity. On the technical front, Hudge funds purchased petroleum last week at the second-fastest rate this year, Money managers purchased equivalent of 60 million barrels in the six most important petroleum futures and options contracts in the seven days to Aug 31. Fund mangers have become bullish about prices for middle distillates such as U.S diesel and European gas oil. Today, Asian markets opened in red and it does not demonstrate any firm trend so far.
Good day to all
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