By Srinivas Chowdary Sunkara // petrobazaar // 16th Dec 2019.
Brent oil futures prices for Feb delivery jumped 99 cents to $65.19 and WTI oil futures prices to be delivered in Jan rose 89 cents to $60.07 a barrel on late week. In Shanghai, crude oil main contract futures prices rose by 2.1 Yuan or 0.45% at 466.2 Yuan/barrel while MCX crude futures settled Rs.41 up at Rs.4241 on Friday. Brent premium widened $5.12 to WTI during the session.
The World Oil price Indices gained 1.5% on Friday to post a weekly gain of 1.2 pct during the last week. Signs of progress in resolving the trade disputes and decisive general election in Britain cheered the market. Oil prices got boosted up after Beijing said that the first phase of trade negotiations achieved major progress in turn decided to withdraw scheduled tariffs wef Sunday. With a large win for Boris Johnson in the UK general elections which paved the way to remove the country from EU. Oil demand outlook is expected to rebound along side of growth in global manufacturing activity. A weak dollar also supported the commodities market. Turning to weekly data, Baker Hughes reported an additional four oil rig numbers into U.S drilling activity during the last week.
Today morning, Oil futures prices opened with a gap up, continuing previous session's rally. I see bull fest will continue today.
Good day to all.
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