By Srinivas Chowdary Sunkara // petrobazaar // 24th Dec, 2019.
Brent oil futures prices changed 25 cents up at $66.39 and U.S crude futures gained 8 cents to $60.52 a barrel last night. In Shanghai, Crude oil main contract futures prices fell by 2.8 Yuan or 0.58% at 476.8 Yuan/barrel while MCX crude futures closed Rs.31 up at Rs.4325 yesterday. Brent traded at a premium of $5.87 to WTI during the session.
The world crude oil price indices dipped yesterday after Russia said that the producer's group will consider easing of rein in supplies along with the continuing to adhere the supply cut pact outweighed optimism surrounded by the signs of U.S – China coming together to sign the trade deal. On the supply side news, Markets are concerned with the expected supply glut from non-OPEC countries along with the resumption of production from two large oil fields in the Neutral Zone on Kuwait's border with SA, which got halted more than three years ago, cutting by some 500Kbpd. Turning to weekly data, Additional oil rigs into U.S drilling activity last week also pressed oil prices.
Today morning, Asian markets opened mix in the early hours and it does not indicate any firm trend so far. Analysts are in the opinion that oil prices made no difference between max and min levels during 2019 and heading to end the year where it started it. Oil prices are closing the year in green amid the positive momentum across the market after the U.S and China made some progress in resolving trade irritants.
Good day and happy Christmas to all.
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