By Srinivas Chowdary Sunkara // petrobazaar // 1st June, 2021.
Brent oil futures for August delivery nudged up 7 cents or 0.1% to $68.79 a barrel on London based ICE futures Europe exchange. In U.S. WTI oil, July month futures prices rose 13 cents or 0.2 pct to $66.45 a barrel on NYMEX last night. In Shanghai, Crude oil main contract futures prices slipped 1.1Yuan or 0.25 pct to settle at 428.8 Yuan/bbl while MCX current month crude oil futures prices climbed Rs.22 to Rs.4875 a barrel yesterday. Brent traded at a premium over WTI during the session.
The world crude oil price index curves moved flat yesterday post early hours upward momentum. Both the benchmarks registered second monthly gains after settling at two year's high on last Friday. Expected strong seasonal demand in June amid stock draws across underpinned oil prices. Markets digested return of Iran barrels that can be absorbed by global markets opening up. China numbers also lent support to oil complex. On the supply side, All eyes are on OPEC+ meet scheduled today post JMMC meeting. JTC meeting ended yesterday, Making slight adjustments in demand/supply. Markets expect that Iran come back is the main agenda during the meet and there might not be any major changes in policy. Last minute's surprises are not ruled out. API numbers are awaited. Asian markets opened in green, Continuing yesterday's gains on boosting optimism over demand outlook outstrip supply.
Good day to all.
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