By Srinivas Chowdary Sunkara // petrobazaar // 6th July, 2022.
Brent oil futures prices for Sep delivery tumbled $11.12 or 9.76 pct to settle at $102.77 a barrel while WTI oil August futures prices plummeted $11.11 or 10 pct to $99.5 a barrel on NYMEX last night. U.S crude futures were not settled due to U.S holiday. In Shanghai, Crude oil main contract futures prices rose 6.1 Yuan to 723 Yuan per bbl where as MCX crude oil front month futures prices fell down Rs.948 or 10.8% to Rs.7775 per barrel yesterday. Brent traded at a premium of $3.27 a barrel over U.S crude futures during the session.
The world crude oil price index curves demonstrated down side momentum on bearish sentiment buoyed up by recession fear across. Both the benchmarks logged in biggest daily loss. Crude futures moved up in the early session on supply tightness sentiment, Later on markets reacted wildly followed by recession fears spilled over financial markets and mass covid tests in China. Lots of nervousness and panic liquidations were seen in the markets. Analysts are in the opinion that if recession fears starts biting the market, More wild swings are expected going forward. The euro tumbled to a two-decade low following slow business growth and inflation in South Korea are the other significant factors weighed on. Supply tightness concerns are lingering around the market that kept flour for oil prices. Today, Asian markets opened in green, Clawing back some of yesterday's losses. Markets are expected to see bears festival.
Good day to all.
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