By Srinivas Chowdary Sunkara // petrobazaar // 22nd Dec, 2021.
Brent oil futures prices for Feb delivery rose $2.46 or 3.44 pct to close at $73.98 a barrel on London based ICE futures Europe exchange. WTI oil Feb futures prices advanced $2.89 or 4.24% to settle at $71.12 a barrel on NYMEX last night. In Shanghai, Crude oil main contract futures prices went up 3.9 Yuan to 454.4 Yuan/bbl while MCX crude oil front month futures prices settled Rs.258 or 5% higher at Rs.5413 a barrel yesterday. Brent premium over WTI narrowed down to $2.86 during the session.
The world crude oil price index curves turned up yesterday after both the benchmark prices rebounded from steep fall in the previous session as markets were whipsawed last week on selling pressure from Hedge funds , Other money managers and Portfolio managers in the six most important petroleum futures and options contracts in the week to Dec 14th amid Omicron fears. yesterday's momentum showed increasing risk appetite of markets amid cautious trading, However upside is limited due to travel restrictions by major economies. Turning to data side, API estimated that U.S crude and distillates stocks are drawn while gasoline stocks are piled up last week. EIA will confirm numbers later today. Consensus is on draws as per poll. Today, Asian markets are opened in green, Extending yesterday's gains. EIA numbers may spur some volatility.
Good day to all.
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