By Srinivas Chowdary Sunkara // petrobazaar // 28th Sep, 2021.
Brent oil futures prices for Nov delivery climbed $1.44 or 1.84 pct to settle at $79.53 a barrel on London based ICE futures Europe exchange. WTI Oil Nov futures prices rose $1.47 or 1.99 pct to close at $75.45 a barrel on NYMEX last night. In Shanghai, Crude oil main contract futures prices increased 5.9 Yuan to 494.5 Yuan/bbl while MCX crude oil front month futures prices closed Rs.123 higher at Rs.5589 a barrel yesterday. Brent traded at a premium of $4.08 over WTI during the session.
The world crude oil price index curves are hovering at high levels as the market is seriously grappled with supply concerns amid growing demand out look across the world. Both the benchmarks are demonstrating upside momentum for the straight fifth session in a row as the supply tightness continues to draw inventories across the consuming nations. Expected demand rebound on easing pandemic conditions and OPEC+ producers finding difficulty to supply on maintenance delays or underinvestment due to pandemic conditions are the main factors persist to buoy oil prices. Rising national gas prices are also supporting oil prices since liquid fuels are the preferred fuels as an alternative to generate power. Turning to weekly data, API numbers are due later today and may spur some volatility. Today, Asian markets are opened in green, continuing previous sessions gains. Bulls fest is expected to continue further.
Good day to all.
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