By Srinivas Chowdary Sunkara // petrobazaar // 22nd Nov, 2022.
Brent oil futures for Jan delivery rose 17 cents to close at $87.45 a barrel on London based ICE futures Europe exchange while WTI oil Dec futures prices went up 35 cents or 0.44 pct to settle at $79.73 a barrel on NYMEX last night. In Shanghai, Crude oil main contract futures prices tumbled 17.3 Yuan to 600.2 Yuan/bbl where as MCX crude oil front month futures prices went up Rs.126 or 1.95 pct to Rs.6575 a barrel yesterday. Brent premium widened to WTI during the session.
The world crude oil price index curves tilted toward bullish momentum after falling in the early trade hours, Yesterday. Both the benchmarks lost around $5 in the early trading, After Wall Street Journal reported that the spearhead of OPEC+ group is considering the increase of 500000 bpd at the the group meeting on Dec, 4th. Lateron, Oil retreated after the energy minister of SA said the kingdom is sticking to output cuts and not discussing any proposal of opening spigots any more. Expected increase in U.S interest rate has buoyed up the green back against its peers that will make oil costlier. Strong dollar , Gloomy economic outlook and weak demand amid increasing Covid cases in China are the other bearish factors for oil. Turning to weekly reports, API will release its weekly predictions later today followed by EIA confirmations. WTI Dec contract expired. The most active WTI Jan contract is trading down. Today, Asian markets are trading mix at the time of reporting.
Good day to all.
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