Crude oil prices decline 0.83% today to Rs 3,098 per barrel on profit booking

Crude oil prices edged lower to Rs 3,098 per barrel on November 12 as participants increased their short position as seen by the open interest. Crude oil price weakened tracking weakness in the global equity market and concerns on rising coronavirus cases across the Europe and US.

Markets players’ book profit after oil prices jumped nearly 28 percent from the lows of last week and the momentum seems to be weakening above $42/bbl levels. The American Petroleum Institute (API) reported that US crude inventories fell by 5.51 million barrels for the week ended November 6. The focus will now shift to EIA weekly report due later today.

Ravindra Rao, VP-Head commodity Research, Kotak Securities said, “NYMEX crude trades marginally higher near $41.36/bbl as traders await the EIA inventory report scheduled to be released today. Price remains supported by expectations that OPEC may take fresh measures to rebalance the market, signs of progress on the vaccine front and expectations of a sharp drop in US crude stocks.

While the momentum is still positive some profit taking is likely near USCrude oil futures edged lower to Rs 3,098 per barrel on November 12 as participants increased their short position as seen by the open interest. Crude oil price weakened tracking weakness in the global equity market and concerns on rising COVID cases across the US and Europe.

Markets players’ book profit after oil prices jumped nearly 28 percent from the lows of last week and the momentum seems to be weakening above $42/bbl levels. The American Petroleum Institute (API) reported that US crude inventories fell by 5.51 million barrels for the week ended November 6. The focus will now shift to EIA weekly report due later today.

Ravindra Rao, VP-Head commodity Research, Kotak Securities said, “NYMEX crude trades marginally higher near $41.36/bbl as traders await the EIA inventory report scheduled to be released today. Price remains supported by expectations that OPEC may take fresh measures to rebalance the market, signs of progress on the vaccine front and expectations of a sharp drop in US crude stocks.

While the momentum is still positive some profit taking is likely near US EIA’s weekly inventory report and IEA’s monthly outlook today. EIA’s weekly inventory report and IEA’s monthly outlook today. West Texas Intermediate crude was up 0.14 percent quoting at $41.51 per barrel, while Brent crude, the London-based international benchmark gained 0.05 percent to $43.82 per barrel.

Crude oil prices decline 0.83% today to Rs 3,098 per barrel on profit booking via @MasterMindUpdate
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