:: Market News --- ID :: 17824
crude today // 9-10-2020
towards biggest weekly gains

By Srinivas Chowdary Sunkara // petrobazaar // 9th Oct, 2020.

Brent oil futures prices for Nov delivery jumped $1.35 or 3.22% to $43.34 a barrel on London based ICE futures Europe exchange. U.S crude oil futures, WTI, Nov futures prices went up $1.24 or 3.1% to close at $41.19 on NYMEX last night. In India, MCX crude oil current month futures rose Rs.92 to Rs.3017 a barrel yesterday. Brent premium over WTI widened to $2.15 during the session. 

The world crude oil benchmark price index curves moved up sharply yesterday on support from Delta shutdown and Norway supply losses. Though inventory builds, Increasing infections  and gloomy demand outlook concerns the petroleum complex, Optimism over some U.S coronavirus relief aid kept support to oil complex. Both the benchmarks on track for their biggest weekly gains of more than 10%, The first rise in three weeks. Brent's five week calendar spread has weakened again to 62 cents contango and remains stuck in the 21st percentile for all trading days since 2010, Indicating traders see supplies remaining plentiful despite the Norway's strike. OPEC+ spearhead, KSA is considering canceling OPEC plans for an oil output hike early next year. Today, Oil prices are trading slightly lower levels from yesterday's prices.

Good day and happy week end to all.

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