By Srinivas Chowdary Sunkara // petrobazaar // 9th Nov, 2022.
Brent oil futures for Jan delivery slid $2.56 or 2.61 pct to $95.36 a barrel on London based ICE futures Europe exchange while WTI oil Dec futures prices dipped $2.88 or 3.14% to close at $88.91 a barrel on NYMEX last night. In Shanghai, Crude oil main contract futures prices went down 20 cents or 0.02 pct to settle at $714.7 a barrel where as MCX crude oil front month futures traded Rs.204 down to Rs.7340 a barrel yesterday. Brent premium over WTI widened to $6.45 a barrel during the session.
The world crude oil price index curves moved down for the second session in a row after login weekly gains last week. Both the benchmarks traded down on bearish factors like gloomy demand outlook and U.S elections news. Surging Covid cases in China keep market alarmed but markets got signals that China is weigh on exit from the country's strict COVID-19 restrictions. High inflation and rising interest rates could spark a global recession kept markets in fears. Turning to API data, Crude and gasoline inventories are expected to surge 5.618Mbpd and 2.553Mbpd respectively while distillates stocks sank by 1.773Mbpd during the last week. Consensus is on build. EIA will confirm numbers later today. Today, asian markets are trading in bearish mood at the time of reporting.
Good day to all.
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