crude brent April futures prices unchanged at $81.57 a barrel while WTI oil futures prices for March delivery inched up 2 cents to $76.24 a barrel on Friday. Both the benchmark futures prices surged around 3 percent during yesterday’s session. Brent premium over WTI widened to $5.41 a barrel during the session.
crude benchmark index curves demonstrated upside momentum on escalation of middle east tensions. Israel rejected ceasefire offer from Hamas that spilled over crude markets in turn elevated crude prices. Bullish weekly product numbers buoyed up oil prices after a fall on first day of the week. crude markets are heading towards weekly gains. Analysts are expecting sideways in the market despite of bullish news since markets are witnessed the same during recent sessions. Rig numbers are due later today.
