Crude Today 17-2-2020

Check out for Prices!

By Srinivas Chowdary Sunkara // petrobazaar // 17th Feb 2020.

Brent oil futures prices to be delivered in April gained 98 cents or 1.74% to close at $57.32 and WTI oil futures prices for March delivered advanced 63 cents or 1.23% to settle at $52.05 on late week. In Shanghai, Crude oil futures prices rose by 0.6 Yuan or 0.15% to 408.2 Yuan/barrel while MCX crude futures for Feb delivery settled Rs.37 up at Rs.3707 on Friday. Brent premium over WTI widened to $5.27 during the session on late week.

The world crude oil price indexes  clocked in strong weekly gains since early January. Brent registered a weekly increase of 5.21% while U.S crude futures gained 3.43% during the week. Oil markets went into swoon by losing around 15% year to date in part due to lingering worries over the outbreak of corona virus in China. However, Market sentiment improved after investors started to bet the economic impact of the virus would be short lived amid hopes of Chinese central bank stimulus to tackle any dent in growth. Fundamentally speaking, The massive liquidation process that drove oil prices sharply low is being replaced  by the accumulation as well as shorts, entered recently into the market. On the data side, U.S drillers added oil rigs for the second straight week. 

Today morning, Oil prices opened in green territory during the Asian hours and it does not indicate any firm trend so far. I feel bears left the market for time being. 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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