By Srinivas Chowdary Sunkara // petrobazaar // 11th Oct, 2022.
Brent oil futures prices for Dec delivery shed $1.73 or 1.77 pct to settle at $96.19 a barrel on London based ICE futures Europe exchange while WTI oil Nov futures prices sank $1.51 or 1.63 pct to close at $91.13 a barrel on NYMEX last night. In Shanghai, Crude oil main contract futures prices rose to 701.9 Yuan/bbl where as MCX crude oil front month futures prices traded Rs.61 down to Rs.7576 a barrel yesterday. Brent premium over WTI narrowed down to $5.06 a barrel during the session.
The world crude oil price index curves turned down after trading up for five straight sessions. Both the benchmarks traded down yesterday as the investors started looking at dooms and glooms of economic slow down. Traders are more worried that economic storm clouds could foreshadow a global recession that may dent fuel demand. Strengthening dollar weighed on oil complex since strong dollar makes oil costly for non-American buyers. OPEC+ group decision to cut supplies limited the oil rally since the spearhead of the group will continue to serve its Asian customers at full levels that lowered the affect of cuts. On the other hand, Services sector in China contracted in Sep month that signaled lower demand. weekly numbers are awaited and today is API day followed by EIA confirmations. Asian markets opened in red and trading in bearish mood at the time of reporting. Weekly numbers may spur some volatility.
Good day to all
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