By Srinivas Chowdary Sunkara // petrobazaar // 12th Oct, 2022.
Brent oil futures prices for Dec delivery plummeted $1.9 or 1.98 pct to close at $94.29 a barrel on London based ICE futures Europe exchange while WTI oil Nov futures prices dropped $1.78 or 1.95 pct to settle at $89.35 a barrel on NYMEX last night. In Shanghai, Crude oil main contract futures prices plunged 11.2Yuan to 690.7Yuan/bbl a barrel where as MCX crude oil front month futures prices slumped Rs.201 or 2.65 pct to Rs.7375 a barrel yesterday. Brent premium over WTI narrowed down to $4.94 a barrel during the session.
The world crude oil price index curves continued to fall following the previous session losses. Gloomy economic fears fanned fears over recession signals across the world markets that continued to grow pessimism in the markets. Flare up in covid cases in China also escalating existing lingering worries over demand outlook. Strong dollar at multi year's high also pressed oil complex although tight supplies continued to support oil prices. Turning to weekly numbers, API data is awaited later today followed by EIA confirmations. Today, Asian markets are trading mix at the time of reporting. Good day to all.
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