By Srinivas Chowdary Sunkara // petrobazaar // 12th Sep, 2021.
Brent oil futures for Nov delivery rose $1.47 or 2.06 pct to close at $72.92 a barrel on London based ICE futures Europe exchange. WTI oil Oct futures prices traded $1.58 or 2.23% up to settle at $69.72 a barrel on NYMEX on Friday. In Shanghai, Crude oil main contract futures prices slipped 4.1Yuan to 447.3Yuan/bbl while MCX crude oil front month futures prices advanced Rs.120 to close at Rs.5125 a barrel on Friday. Brent premium over WTI remained stable at $3.2 a barrel during the session.
The world crude oil price index curves moved up on Friday over signs of supply tightness in the U.S as a result of Hurricane Ida. Phone call between Biden and Xi Jinping raised hopes for healthy trade relations that boosted not only financial markets, Of course supported oil complex also. Both the benchmark futures logged in little weekly gains in a choppy trading during the week. Turning to weekly data, U.S drillers added another 7 rigs to 401 last week as per Baker Hughes weekly data. On the technicals front, Money managers reduced their net length in WTI futures and options while boosted in Brent futures and options last week as per CFTC and ICE data. Oil markets will be watching OPEC revision of oil demand numbers for the year 2021 and 2022 in its monthly report, due in the next week. IEA monthly numbers are also in focus in the coming week. Monthly and weekly numbers may spur some volitility in the next week.
Good day to all.
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