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's 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's 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's losses.
Good day to all.
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