By Srinivas Chowdary Sunkara // petrobazaar // 2nd April, 2021.
Brent oil prices for June delivery surged $1.32 or 2.08 pct to close at $64.86 a barrel on London based ICE futures Europe exchange. WTI oil May futures advanced $2.29 or 3.87% to settle at $61.45 a barrel on NYMEX. In Shanghai, Crude oil main contract futures prices slumped 6.9 Yuan or 1.72 pct to 392.8 Yuan/bbl while MCX crude oil current month futures prices went up Rs.137 or 3.13 pct to close at Rs.4516 a barrel yesterday. WTI futures traded at a premium of $3.41 over Brent during the session.
The world crude oil price indices moved up yesterday after news that OPEC+ reached a deal to gradually ease curbs starting from May. Market sentiment was tempered by an unexpected rise in U.S unemployment numbers. Surprise draws in U.S crude stocks lent some support to crude complex along with Biden's administration plan to spend in traditional projects, such as roads and bridges. On the supply side, OPEC+ trimmed the oil demand outlook by 300000 barrels for the remaining period of 2021 due to renewed lockdowns and increasing virus numbers across the globe. OPEC and its allies, called as OPEC+ agreed to ease production curbs by 350,000 barrels per day in May, another 350,000 bpd in June and further 400,000 bpd or so in July. Rig numbers are expected later today.
Good day and Happy week end to all.
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