By Srinivas Chowdary Sunkara // petrobazaar // 30th March, 2021.
Brent oil futures prices rose 41 cents or 0.63 pct to $64.98 a barrel on London based ICE futures Europe exchange. WTI oil futures prices edged up 59 cents or 0.97% to close at $61.56 a barrel on NYMEX last night. In Shanghai, Crude oil main contract futures prices inched up 3.7 Yuan to 388 Yuan/bbl while MCX crude oil current month futures prices settled Rs.36 higher at Rs.4492 a barrel yesterday. Brent traded at a premium of $3.42 a barrel over WTI during the session.
The world crude oil price index curves turned up yesterday after Reuters reported that Russia would support rolling over cuts during this week's scheduled meeting. Futures traded lower in the early trading session on news that a container ship in the Suez Canal blocking traffic for last one week refloated. Markets are looking beyond Suez Canal news and focused on OPEC+ meet. Lingering worries over increasing infection numbers and lockdowns in Europe, Continued to cap upside momentum. Turning to CFTC data, Hedge mangers and other money managers sold petroleum futures last week. Most of the sales were driven by the liquidation of existing bullish long positions rather than creation of new bearish short ones as per Mr.Kemp. Hedge funds community is still bullish towards oil as per his report. API numbers are due later today. Today, Asian markets are trading in red.
Good day to all.
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