By Srinivas Chowdary Sunkara // petrobazaar // 2nd Dec 2019.
Brent crude oil futures prices dropped $1.44 to $62.43 and WTI oil futures prices slumped $3.08 to $55.17 a barrel on Friday. In Shanghai, Crude oil main contract futures rose 1.4 Yuan or 0.3% at 463.5 Yuan/barrel while MCX crude futures settled Rs.198 down at Rs.3980 on late week. Brent premium to WTI widened to $7.26 during the last session.
The world crude oil price index closed lower on Friday after paring the previous three sessions gains, Clocked weekly loss but registered monthly gains in Nov. U.S crude futures slumped 4.46% during the last week after escalation of fresh trade tensions spurred by the China's comments. The expectation of further rein in crude supplies by the producer's group continued to support the oil complex. Turning to weekly rig numbers, U.S drillers further reduced the rig numbers to 802 as per the latest data released on Friday.
Today morning, Oil futures opened with gap down, continuing previous session slump during the Asian hours. A private survey showed that China's manufacturing activity expanded more than expected in November as the Caixon/Markit PMI came in at 51.8, is the supporting factor for the oil markets today. Good day to all.
Disclaimer: Views and opinions expressed here are personal. This commentary is for information purposes only and not an offer or a solicitation to sell or buy any physical commodities or financial instruments. The views and analysis are based on reliable public information available at the time of writing. This report and its content cannot be copied, redistributed or reproduced in part or whole without the prior written permission of petrobazaar.com
