crude brent oil Futures prices for May delivery rose 38 cents to $82.59 a barrel while WTI April futures prices went up 27 cents to $78.2 a barrel on Tuesday morning during Asian hours. Both the benchmarks traded in rangebound yesterday. Brent premium over wti widened to $4.28 a barrel during yesterday’s session.
crude benchmark futures curves moving straight with a little change. Escalation of political Turmoil in red sea waters keep supporting oil complex. demand concerns from world’s no.1 consumer along with increased production numbers left no room for bullishness in the market. IEA expected that world’s oil supply will grow to 103.8 mbpd as per monthly report. Increased numbers largely attributed to hike in non-opec supplies. OPEC report is awaited. weekly numbers due later today. Any significant changes in monthly and weekly numbers may spur Volatility in prices.
