By Srinivas Chowdary Sunkara // petrobazaar // 6th August, 2021.
Brent oil futures prices for Oct delivery rose 91 cents or 1.29 pct to $71.29 a barrel on London based ICE futures Europe exchange. WTI oil Sep futures prices went up 94 cents or 1.38% to close at $69.09 a barrel on NYMEX last night. In Shanghai, Crude oil main contract futures prices slid 15 Yuan or 3.43 pct to 421.4 Yuan/bbl while MCX crude oil current month futures prices settled Rs.33 up at Rs.5121 a barrel yesterday. Brent traded at a premium of $2.2 to WTI during the session.
The world crude oil price index curves turned up yesterday on escalation of Middle East tensions while demand concerns amid travel restrictions by countries to curb surging Covid cases, Capped gains. Big sell-off was seen following the bearish weekly inventory reports, Compounded with demand fears amid increasing cases in Asia. Time-spreads were selling even more violently. Analysts are in the opinion that current price is a buying opportunity, If one can take volatility as the price is below fair value and OPEC obj. Both the benchmarks are heading towards weekly loss. Rig numbers are awaited later today. Today, Asian markets are opened in green, continuing last session profits.
Good day to all.
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