crude today 16-12-2021

Check out for Prices!

By Srinivas Chowdary Sunkara // petrobazaar // 16th Dec, 2021.

Brent oil Feb futures prices rose 18 cents or 0.24 pct to $73.88 a barrel on London based ICE futures Europe exchange. WTI oil futures for Jan delivery edged up 14 cents or 0.2%  to $70.87 a barrel on NYMEX last night. In Shanghai, Crude oil main contract futures prices went up 31 Yuan to 469 Yuan/bbl while MCX crude oil front month futures prices closed Rs.31 higher at Rs.5389 a barrel during yesterday&#39s session. Brent premium over WTI widened to $3.01 a barrel during the session.

The world crude oil price index curves turned up yesterday after both the benchmark prices bounced back from previous sessions losses. Omicron concerns and over supply fears continued to press oil complex most of the day. Later on, Oil markets responded positively along with other riskier assets after Federal reserve statement of ending its pandemic-era bond purchases in March. On the weekly data side, EIA reported that U.S crude stocks were drawn by 4.6Mbpd while gasoline and distillates stocks declined by 0.7Mbpd and 2.9Mbpd respectively. U.S domestic production remained unchanged while exports were boosted up. In brief, Markets looked at implied oil demand since numbers are strong across all elements. Analysts are in the opinion that markets may pull back on receiving more information on travel curbs, Infection numbers and vaccine affect on Omicron. Today, Asian markets are opened in green, Adding more gains to yesterday&#39s profits. Both benchmarks are likely to log in weekly losses. Rig numbers are awaited. 

Good day to all.

Disclaimer: Views and opinions expressed here are personal. This commentary is  for  information purposes only and not an offer or a solicitation to sell or buy any physical commodities or financial instruments. The views and analysis are based on reliable public information available at the time of writing. This report and its content cannot be copied, redistributed or reproduced in part or whole without the prior written permission of petrobazaar.com

Disclaimer: Views and opinions expressed here are personal. This commentary is for information purposes only and not an offer or a solicitation to sell or buy any physical commodities or financial instruments. The views and analysis are based on reliable public information available at the time of writing. This report and its content cannot be copied, redistributed or reproduced in part or whole without the prior written permission of petrobazaar.com

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