By Srinivas Chowdary Sunkara // petrobazaar // 11th Nov, 2022.
Brent oil futures prices for Jan delivery rose $1.32 or 1.43 pct to $93.67 a barrel on London based ICE futures Europe exchange while WTI oil Dec futures prices edged up 64 cents or 0.75 pct to close at $86.47 a barrel on NYMEX last night. In Shanghai, Crude oil main contract futures prices tumbled 19.2 Yuan to 670.7 Yuan/bbl where as MCX crude oil front month futures traded flat to close at Rs.7036 a barrel yesterday. Brent premium over WTI widened up to $7.2 a barrel during the session.
The world crude oil price index curves turned up first time this week after a fall for three consecutive sessions. Both the benchmarks traded up as the investor started hoping that U.S federal reserve would temper its interest rates that shrugged off demand worries over renewed Covid – 19 cases in China. Investors are also moving towards riskier assets like oil from safe haven greenback. A weakening dollar supported oil since weaker dollar makes oil cheaper. During the week, Reports of piling up crude stocks weighed on oil prices that lost around 7% in two sessions. Monthly reports are due this week. Rig numbers are waiting. Today, Asian markets are moving steady at the time of reporting.
Good day to all
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