Crude oil futures rise Rs 61 a barrel on global cues

21 February, 2018, 09:18 | Author: Natasha Holloway
  • WTI Crude Oil

West Texas Intermediate, the USA benchmark for the price of oil, was up 0.24 percent to $61.70 per barrel as of 9:15 a.m. EST.

"Benign stock markets are providing.as are geopolitical tensions in the Middle East", Commerzbank said in a note.

Asian shares are trading higher, helping to underpin the crude oil market.

Saudi Arabia-the de facto head of OPEC-and Russian Federation indicated last week a willingness to stick an agreement that has helped hold back global production by almost 2%, while boosting crude prices by more than 50% in the second half of 2017.

Prime Minister Benjamin Netanyahu said on Sunday that Israel could act against Iran itself, not just its allies in the Middle East, after border incidents in Syria brought the Middle East foes closer to direct confrontation.

Canada and USA women renew best rivarly at the Olympics
Despite outshooting Canada by an nearly 2-1 margin (45-23), US could not find that game-breaker on Wednesday night. For those games, the bottom two teams from Group A are getting matched up against the top two teams from Group B.

Trading is expected to be slower than usual on Monday due to market holidays in the United States and Greater China. Technically, on the MCX, the current upside momentum for oil prices could initially continue towards resistance at Rs 4,090-4,120 zone looking possible.

"Traders are extending last week's rally on the view that Russian Federation and Opec will maintain production ceilings this year even if inventories decline and the price rises further", said Ric Spooner, an analyst at CMC Markets in Sydney. According to Baker Hughes, the number of rigs rose by seven to 798, its highest level since 2015. These rallies should be selling opportunities, and I believe that eventually we will see crude oil markets succumb to the massive oversupply. This marked the first time since June that drillers added rigs for four consecutive weeks.

Crude palm oil prices rose by 0.79 per cent at Rs 586 per 10 kgs in futures trade today as traders created fresh positions, supported by pick-up in demand at the spot market amid firm global cues.

Money managers slashed their bullish bets on Brent crude futures by the most in almost eight months in the week to February 13, InterContinental Exchange data showed. This story should be enough to underpin prices.

Gold has gained $112 an ounce since mid-December and despite culling positions in recent weeks large-scale speculators on derivatives markets like hedge funds have almost doubled net long positions - bets that gold will be more expensive in future - since then.

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