By Srinivas Chowdary Sunkara // petrobazaar // 28th Sep, 2022.
Brent oil Nov futures prices went up $2.21 or 2.63 pct to $86.27 a barrel on London based ICE futures Europe exchange while WTI oil futures for Nov delivery rose $1.79 or 2.33% to close at $78.5 a barrel on NYMEX last night. In Shanghai, Crude oil main contract futures prices slipped 1.5 Yuan to 608.8 Yuan/bbl where as MCX crude oil front month futures prices traded up Rs.151 or 2.38 pct to Rs.6490 a barrel yesterday. Brent traded at a premium of $7.77 a barrel over WTI during the session.
The world crude oil price index curves turned up yesterday after dip in two previous sessions. Oil complex drew support from slowing dollar rally and supply curbs from U.S Gulf of Mexico ahead of Hurricane Ian. Analysts expectations of OPEC+ group of possible cuts in production raised speculation that extended support. Oil prices dropped to two weeks low last week on Fed rise in interest rates, Global recession talks , Dollar rally and demand fears. Today is API day. API estimated that U.S crude and distillates stocks will rise by 4.15M and 0.438M while gasoline stocks are expected to be drawn by 1.048M during the last week. Cushing stocks are up by 0.357M as per the data. EIA will confirm numbers later today. Consensus is on build. Today, Asian markets are trading in red at the time of reporting. Good day to all.
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