By Srinivas Chowdary Sunkara // petrobazaar // 14th Oct, 2019.
Brent oil traded $1.41 up to $60.51 and WTI futures closed $1.15 up at $54.7 a barrel on Friday. In Shanghai, Crude oil main contract futures rose by 14.3 Yuan or 3.21% at 460.2 Yuan/barrel while MCX crude futures for Oct delivery gained Rs.84 to Rs.3869 on Friday. Brent premium to WTI widened in a bullish momentum.
The world benchmark crude futures index advanced above 3% on Friday after a report of attack on Iranian ship in red sea near Saudi Arabia. Today, Oil prices continued to hold the previous session's gains amid geopolitical tensions in the middle east while optimism surrounded trade talks buoyed the market sentiment. Investigations are underway to determine whether the Iranian tanker was attacked by missiles. Geo political premium will be erased if there is no follow up threatens in response. Money managers cut their net long positions in US crude futures and options in the week to Oct 8th. Traders are cautious amid the uncertainty on comprehensive trade deal between two major economies. Asian markets are opened in green and trading nearly 2% gains. Good day.
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