By Srinivas Chowdary Sunkara // petrobazaar // 5th April, 2023.
Brent Oil futures for June delivery inched up 1 cent or 0.01 pct to close at $84.94 a barrel on London based ICE futures Europe exchange while WTI oil futures for May delivery edged up 29 cents or 0.36 pct to settle at $80.71 a barrel on NYMEX last night. In Shanghai, Crude oil main contract futures prices rose 13.7 Yuan to 583.4 Yuan/bbl where as MCX crude oil front month futures prices went up Rs.15 to close at Rs.6630 a barrel yesterday. Brent premium over WTI narrowed down to $4.23 a barrel during the session.
The world crude oil price index curves continued to move up following previous session gains. Both the benchmark prices changed a little in choppy trading as the traders started weighing on demand woes out of slowing economies against OPEC+ announced surprise cuts. Fell in U.S Feb job openings, Slump in U.S manufacturing activity raised concerns over demand. Weak manufacturing activity in China also added to woes. Turning to weekly data, API announced 4Mbpd of U.S crude stock draws last week. EIA will confirm the numbers later today. Meanwhile Analysts estimate 2.3Mbpd drop in U.S crude stocks. Today, Asian markets are opened in green, continuing bull festival. Weekly numbers may spur some volatility.
Good day to all.
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