By Srinivas Chowdary Sunkara // petrobazaar // 19th Nov, 2021.
Brent oil futures prices for Jan delivery rose 96 cents or 1.2 pct to settle at $81.24 a barrel on London based ICE futures Europe exchange. WTI oil Dec futures prices climbed 65 cents or 0.83 pct to close at $79.01 a barrel on NYMEX last night. In Shanghai, Crude oil main contract futures prices went down 20.5Yuan//bbl to 489.9Yuan//bbl where as MCX front month futures prices moved steadily and unchanged at Rs.5830 yesterday. Brent premium over WTI widened to $2.23 a barrel during the session.
The world crude oil price index curves turned up after prices bounced back from six week low yesterday. The oil complex eyed on SPR draws by major economies followed by U.S – China debate over tapping emergency reserves to cool down oil prices. Both counterparts agreed to continue talking about the oil markets and a possible coordinated response to the OPEC group's refusal to open spigots to bring down oil prices. Markets will be nervous in short term over proposed release of reserves represents unprecedented challenge to producer's group. Goldman said that the SPR release is already priced in and is a catalyst for even higher oil prices in 2022. Today, Asian markets are trading in green, Adding to yesterday's gains. Both the benchmarks are heading for weekly loss. Rig numbers are due later today.
Good day to all.
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