By Srinivas Chowdary Sunkara // petrobazaar // 29th Oct 2019.
Brent oil futures prices ticked 45 cents down to $61.57 and WTI oil futures lost 85 cents to $55.81 a barrel last night. In Shanghai, Crude oil main contract futures rose by 3.7 Yuan or 0.82% at 456.3 Yuan/barrel while MCX crude Nov futures settled Rs.67 down at Rs.3954 yesterday. Brent spread to WTI widened to $5.76.
The world oil benchmark price index nosedived yesterday after registering gains for four sessions in a row. Oil indices opened up in the early hours of the session and climbed to its highest levels in a month. Genscape report of forecasting another build in U.S crude stocks and weak Chinese industrial data changed the market sentiment and tempered early session's gains. Chinese industrial companies continued to descend profitability due to stumbling economy amid trade war. Progress in U.S-Sino trade talks and prospectus of further action by OPEC+ to protect pricing are the factors that precluded the further fall in oil prices. API numbers are expected later today.
Today morning, Oil markets opened in a bearish mood during Asian hours and it does not demonstrate any firm trend so far. Weekly numbers may spur some volatility today.
Good day to all.
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