By Srinivas Chowdary Sunkara // petrobazaar // 9th June, 2021.
Brent oil futures prices for August delivery rose 73 cents or 1.02 pct to settle at $72.22 on London based ICE futures Europe exchange. In U.S., WTI oil July futures prices gained 42 cents or 0.6% to close at $70.05 a barrel on NYMEX. In Shanghai, Crude oil main contract futures prices edged up 0.2 Yuan or 0.045 pct to 443 Yuan/bbl while MCX crude oil front month futures prices advanced Rs.39 to settle at Rs.5085 a barrel yesterday. Brent premium over WTI widened by $2.17 a barrel during the session.
The world crude oil price index curves continued to hover at two and half year's high yesterday after losing streak in previous session. Investors looked at reality that additional Iranian barrels may not be re-introduced soon since hundreds of U.S sanctions on Tehran remain in place even if they agreed for a deal. On the other hand, Oil prices are buoyed by strong fundamentals like expected demand rebound amid opening up of economies and estimation that world will face severe shortage of oil and gas in near future. China's efforts to curb oil prices are futile. Turning to weekly data, API reported that U.S crude oil stocks fell by 2.1 Mb while gasoline and distillates stocks were piled up by 2.4Mb and 3.8Mb respectively during the week ending June 4th. EIA will confirm numbers later today. Analysts expect to show crude stocks down by 4.1Mb while gasoline and distillates are predicted to pile up by 1Mb and 400Kb during the week.
Today, Asian markets opened in green, Continuing previous session gains. EIA numbers may spur some volatility during the session.
Good day to all.
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