By Srinivas Chowdary Sunkara // petrobazaar // 18th Nov, 2019.
Brent oil futures for January delivery rose $1.02 to $63.3 and WTI oil futures to be delivered in December gained 95 cents to $57.72 a barrel last night. In Shanghai, Crude oil main contract futures prices fell 3.2 Yuan or 0.71% to 450.6 Yuan/barrel while MCX crude oil futures prices closed Rs.33 up at Rs.4134 on late week. Brent premium to WTI widened to $5.58.
The world crude oil prices indexes closed higher for the second straight week logged in above 1% gains. During the early last week, crude prices were pressed by lingering trade worries and fall in Chinese producer's prices. In the mid week, Bearish weekly inventory numbers continued to weigh on oil complex while OPEC monthly report propelled oil indexes. IEA monthly report did some upward adjustment in non-OPEC oil supply growth the next year that capped the gains on late week. Turning to rig numbers, U.S drillers took out 10 oil rigs for the week ending Nov, 15th. Today morning, Oil markets opened up during Asian hours but it does not demonstrate any firm trend so far. Good day to all.
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