By Srinivas Chowdary Sunkara // petrobazaar // 11th Dec 2019.
Brent crude oil futures for February settlement inched up 9 cents to $64.34 and WTI oil futures for January settlement rose 22 cents to $59.24 a barrel last night. In Shanghai, crude oil main contract futures gained 5.6 Yuan or 1.21% to 466.7 Yuan/barrel while MCX crude oil futures edged Rs.2 up to close at Rs.4195 yesterday. Brent traded at a premium of $5.1 to WTI during the session.
The world crude oil prices indices changed insignificant and irregular yesterday. Both the benchmark crude indices found difficult to get into new leg in the rally sparked last week. Though delay in trade agreement clouded the demand outlook, Producer's club deal to deepen supply cuts floured the oil prices yesterday. Next round of U.S tariffs on Chinese imports by Dec.15 also weighed on oil complex. Turning to weekly data, API predicted an unexpected pile up of 1.4Mb in U.S crude supplies along with an increase of product stocks in U.S during the last week. EIA will confirm the numbers later today and the consensus is on drawings in crude supplies while product stocks are estimated to be high.
Today morning, Oil futures prices opened in a bearish mood during the Asian hours. British election on Thursday and U.S and European Central bank meetings are in focus while U.S government weekly numbers will spur some volatility this week. Good day to all.
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