By Srinivas Chowdary Sunkara // petrobazaar // 21st Dec, 2022.
Brent oil futures for Feb delivery rose 19 cents or 0.24 pct to settle at $79.99 a barrel on London based ICE futures Europe exchange while WTI oil Jan futures prices went up 90 cents or 1.2 pct to close at $76.09 a barrel on NYMEX last night. In Shanghai, Crude oil main contract futures prices swung 2.2 Yuan to 535.7 Yuan/bbl where as MCX crude oil front month futures prices surged Rs.88 or 1.41% to settle at Rs.6340 a barrel yesterday. Brent premium over WTI narrowed down to $3.9 a barrel during the session.
The world crude oil price index curves flipped up on Tuesday in a volatile session as a worsening outlook for a major U.S winter storm sparked fears that millions of Americans might curb travel plans during the holiday season. Oil prices were buoyed up by softer dollar and a U.S plan to restock petroleum reserves, But gains were capped by uncertainty over the impact of rising COVID-19 cases China. API reported that Crude stocks dipped by 3.069 Mbpd last week. Asian markets are trading in red today at the time of writing.
Good day to all.
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