:: Market News --- ID :: 19341
crude today // 30-11-2021
Focus on OPEC+ meet

By Srinivas Chowdary Sunkara // petrobazaar // 30th Nov, 2021.

Brent oil futures for Jan delivery inched up 72 cents or 1 pct to close at $73.44 a barrel on London based ICE futures Europe exchange. WTI oil Jan futures rose $1.8 or 2.64 pct to settle at $69.95 a barrel last night. In Shanghai. Crude oil main contract futures prices went down 22.7 Yuan/bbl to 473.6 Yuan/bbl while MCX crude oil front month futures prices climbed Rs.147 or 2.85% to Rs.5308 a barrel yesterday. Brent traded at a premium of $3.49 a barrel over WTI during the session.

The world crude oil price index curves turned up yesterday after Friday's biggest slump since April, 2020. Both the benchmarks turned into negative territory on thin volumes during post-settlement hours. Fears of new Omicron variant of corona virus and its impact on international aviation  as well as domestic business were compounded by lack of liquidity on the day after a U.S public holiday were the fundamental reasons behind the price dive on Friday. On the supply side, OPEC+ postponed all the technical  meetings to gains time to assess new variant impact. Brent Jan contract will expire today. Both the benchmarks are set to close the month in loss. API numbers are due later today followed by EIA confirmations. All eyes are on OPEC+ meet on Dec 2nd. Today, Asian markets opened in green, clawing back some of the previous sessions losses. 

Good day to all.

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