By Srinivas Chowdary Sunkara // petrobazaar // 8th Nov 2019.
Brent Oil futures prices for January delivery gained 55 cents to $62.29 and WTI oil futures to be delivered in December rose 80 cents to $57.15 a barrel last night. In Shanghai, crude oil main contract futures have fallen by 5.8 Yuan or 1.26% to 453.8 Yuan/barrel where as MCX crude oil futures in India closed Rs.88 up at Rs.4093 yesterday. Brent premium over WTI narrowed down to $5.14.
The world crude oil bench mark indexes have turned into upward evolution on optimism buoyed by headline news on progress in trade talks. Yesterday, Oil markets opened with a different set of headlines that U.S and China came into an agreement on frame work. Beijing's comments also boosted the market sentiment, which was raffled by the bearish weekly inventory report in early session. On the supply side, OPEC Secretary General Mohammad Barkindo said that he was more optimistic that the outlook for 2020 based on the progress in bringing comprehensive trade deal, which will prop up global market in turn boost fuel demand.
Today morning, Oil markets demonstrated downward evolution during Asian hours. Piling up of U.S crude stocks and Saudi ramping up production tempered gains in oil prices and i am skeptical over the sustainability of yesterday's gains without further support.
Good day to all and happy week end.
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