By Srinivas Chowdary Sunkara // Petrobazaar // 17th Dec, 2021.
Brent oil futures for Feb delivery rose $1.14 or 1.54 pct to close at $75.02 a barrel on London based ICE futures Europe exchange. WTI Jan futures prices advanced $1.51 or 2.13 % to settle at $72.38 a barrel on NYMEX last night. In Shanghai, Crude oil main contract futures prices traded Rs.10.5 Yuan higher to 470.5 Yuan/bbl while MCX crude oil front month futures prices closed Rs.132 higher at Rs.5521 a barrel yesterday. Brent premium over WTI narrowed down to $2.64 a barrel during the session.
The world crude oil price index curves continued to demonstrate upside momentum on prevailing support lent by depleting stocks, Positive tone from Federal Reserve on economic growth while Omicron fears continued to spill over fears across the market. The statistical agencies predicted the global oil market will move into surplus from the month or next, But Inventories will start building an unusually low level, Which is unlikely to put downward pressure on prices. Weekly numbers were proxy for implied demand. On the data side, U.S drillers ramped up drilling as per rig count numbers reported. Both the benchmarks are triggered to fizzle this week. Today, Asian markets are trading in red.
Good day and happy week end to all.
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