By Srinivas Chowdary Sunkara // petrobazaar // 11th Nov 2019
Brent oil prices closed 22 cents up at $62.51 and WTI oil prices settled 9 cents up at $57.24 a barrel on late week after logging weekly gains of above 1% last week. In Shanghai, The crude oil main contract futures registered a fall of 6.4 Yuan or 1.4% at 451.6 Yuan/barrel while MCX crude oil futures clocked Rs.17 gain at Rs.4076 on Friday. Brent premium over WTI widened to $5.27.
The world crude oil price index closed insignificant and irregular on late week following the news that the U.S president denied to roll back tariffs on China amid the lack of consensus in the U.S administration. Weekly report of build in U.S crude inventories and OPEC general secretary's comments that the outlook for 2020 appearing to downplay any need to deep cuts tempered the news of boost in Chinese crude imports in October. Turning to weekly data, U.S drillers dropped 7 more rigs for a third week in a row. KSA crude exports to USA are cut down from 1.46Mbpd to 417Kbpd in August 2019 signing in as a biggest oil producer going ahead.
Today morning, Oil indexes opened flat during the Asian hours and it does not demonstrate any firm trend so far. Monthly data is due in the early week which may spur some volatility. Good day to all.
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