By Srinivas Chowdary Sunkara // petrobazaar // 11th Oct, 2019.
Brent prices rose 78 cents or 1.34% to $59.1 and WTI futures prices traded 96 cents up or 1.83% to $53.55 a barrel last night. Brent futures extended gains in post settlement trade. In Shanghai, Crude oil main contract futures prices edged up 3.5 Yuan to 443.5 Yuan/barrel while MCX crude futures for Oct settlement closed Rs.20 up at Rs.3785 yesterday. Brent premium narrowed down to $5.55 to WTI.
The world benchmark crude prices are heading towards weekly gains after posting hefty losses for last two weeks. Mr.Barkindo signalling that the OPEC was serious about supporting prices and the possible US-China trade deal are the factors that shifted the momentum in the market. OPEC + allies including Russia may extend production cut pact throughout the majority of 2020 to stabilize the prices. On the other hand, Piling up of US crude inventories pressing the oil complex. Analysts feel that the oil markets are neither bullish nor bearish as there is no reason to trending either side. Traders are cautious enough, Not to commit to either direction amid missing signals. On the whole, Oil markets are in a stalemate currently. Asian markets opened up today and it does not demonstrate any firm trend so far.
Good day and happy week end to all.
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