By Srinivas Chowdary Sunkara // petrobazaar // 10th May, 2021.
Brent oil futures prices for July delivery rose 19 cents or 0.28 pct to settle at $68.28 a barrel on London based ICE futures Europe exchange. WTI June oil futures prices inched up 19 cents or 0.29 % to close at $64.9 a barrel on NYMEX on Friday. In Shanghai, Crude oil futures prices went down 2.6 Yuan to 425.7 Yuan/bbl while MCX crude oil current month futures prices are settled Rs.20 lower to Rs.4760 a barrel on Friday. Brent premium over WTI remained unchanged at $3.38 a barrel during the session.
The world crude oil price index curves moved flat as oil prices tried to settle on Friday. Both the benchmark futures prices logged in weekly gains for the second consecutive week. Optimism over economic recovery on easing lockdowns in U.S and Europe, Accelerated growth numbers from China and weekly numbers lent support to oil prices while surging infection numbers in India dented oil demand that capped oil prices upside momentum during the week. Throwing some light on CFTC data, Money managers increased net length in WTI crude oil futures and options by 12158 contracts to 3.84436 in the week ending May 4th. Dr.Gary N.Ross mentioned that oil markets looking shaky in the very short term with this week's EIA data not showing much of a crude stock change. Analysts are focusing on India's expected decreasing demand in the month May and June. Asian markets are opened in green today, Continuing last week's gains.
Good day to all.
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