crude today 02-03-2021

Check out for Prices!

By Srinivas Chowdary Sunkara // petrobazaar // 2nd March, 2021.

Brent oil prices for April delivery settled lower by 73 cents or 1.1% to $63.39 a barrel on London based ICE futures Europe exchange and WTI oil futures prices to be delivered in April settled at $60.64 a barrel, losing 86 cents or 1.4 pct on NYMEX last night. In Shanghai, Crude oil main contract futures prices settled high 3.1 Yuan to 409 Yuan/bbl while MCX crude oil current month futures prices went down Rs.169 or 3.67 pct at Rs.4435/bbl yesterday. WTI traded at a discount of $3.05 over Brent during the session.

The world crude oil price indexes demonstrated upside momentum during the yesterday&#39s early hours trade on the proposed U.S stimulus package that would pay for vaccine and medical supplies. Later on, Markets turned down more than 1% on fears of slow down in Chinese factory activity to nine month low in February, that may affect demand growth. Analysts says that market knows that OPEC group will decide on easing supply cuts on Thursday&#39s meeting, weighed on oil complex. A stronger dollar also pressed oil prices during the session. Turning to Weekly data, API numbers will be out later today followed by EIA confirmation. Today, Asian markets opened in red, adding to yesterday&#39s losses. 

Good day to all.

Disclaimer: Views and opinions expressed here are personal. This commentary is  for  information purposes only and not an offer or a solicitation to sell or buy any physical commodities or financial instruments. The views and analysis are based on reliable public information available at the time of writing. This report and its content cannot be copied, redistributed or reproduced in part or whole without the prior written permission of petrobazaar.com

Disclaimer: Views and opinions expressed here are personal. This commentary is for information purposes only and not an offer or a solicitation to sell or buy any physical commodities or financial instruments. The views and analysis are based on reliable public information available at the time of writing. This report and its content cannot be copied, redistributed or reproduced in part or whole without the prior written permission of petrobazaar.com

Recent Posts