By Srinivas Chowdary Sunkara // petrobazaar // 10th March, 2021.
Brent oil futures for May delivery traded down 72 cents or 1.06% to settle at $67.52 a barrel on London based ICE futures Europe exchange. WTI oil futures to be delivered in April traded $1.04 lower to close at $64.01 a barrel on NYMEX last night. In Shanghai, Crude oil main contract futures prices slid 16.3Yuan or 3.66 pct to 428.2 Yuan/bbl while MCX crude oil current month futures prices dipped by Rs.91 or 1.91 pct to Rs.4678 a barrel yesterday. Brent premium over WTI widened to $3.51 a barrel during the session.
The world crude oil price indexes continued downward momentum for the second straight day in a row. Both the benchmark prices dipped ahead of API numbers. Easing of Saudi supply disruption concerns and strengthening dollar weighed on oil prices. Turning to weekly reports, API reported 12.792Mb build in crude stocks while gasoline and distillates stocks were drawn by 8.499Mb and 4.796Mb respectively. It was widely expected that U.S stocks will be drawn across. EIA will confirm numbers later today. On the supply side, OPEC+ group decided to maintain cuts strictly. On the other end, India asks refiners to diversify, cut reliance on Middle East after OPEC+ decision last week. Asian markets are trading in red today, continuing yesterday's losses.
Good day to all.
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