:: Market News --- ID :: 17817
crude today // 7-10-2020
Surprises to petroleum complex

By Srinivas Chowdary Sunkara // petrobazaar // 7th Oct 2020.

Brent oil futures prices for Nov delivery settled up $1.36 or 3.29% to $42.65 a barrel on London based ICE futures Europe exchange and WTI oil Nov futures prices slipped $1.34 or 3.41% to close at $40.67 a barrel on NYMEX last night. The MCX crude oil current month futures prices went up Rs.82 to Rs.2970 a barrel yesterday. Brent premium over WTI narrowed down to $1.98 during the session.

The world crude oil price index curves moved up yesterday on support drawn from expected supply disruptions from a hurricane approaching the Gulf of Mexico and an oil worker strike in Norway. The U.S president dashed U.S stimulus halted the rally that was fueled by delta shut-ins. API data revealed an unexpected climb in weekly crude numbers during the last week. As per the sources, Crude stocks were built up 0.951M while gasoline and distillates stocks were expected to be drawn by 0.867M and 1.033M respectively during the last week. EIA will confirm the numbers later tonight and the consensus is on build in stock piles. Today, Both the benchmark crude oil futures prices are trading in red at the time of reporting. Good day to all.

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