By Srinivas Chowdary Sunkara // petrobazaar // 7th March, 2023.
Brent oil futures prices for May delivery inched up 35 cents or 0.41 pct to close at $86.18 a barrel on London based ICE futures Europe exchange while WTI oil April futures prices rose 78 cents or 0.98 pct to settle at $80.46 a barrel on NYMEX last night. In Shanghai, Crude oil main contract futures prices went up 2.3Yuan to 570.6 Yuan/bbl where as MCX crude oil front month futures traded Rs.66 or 1.02 pct up to Rs.6566 a barrel yesterday. Brent premium over WTI narrowed to $5.72 a barrel during the session.
The world crude oil price index curves continued to stretch up yesterday. Both the benchmarks clawed back some of its early session losses on China setting GDP target of 5 pct as against market's expectation of 5.5 pct on Sunday. Week greenback, Expected return of China's demand and positive talk of top company's CEOs on oil price movements pushed oil price up yesterday. Oil markets are more concerned with interest rates across the world. Gunvor CEO predicted that 3/4 oil demand from China, Will push oil prices in the second half. On a positive note, Pioneer Scott Sheffield CEO predicted that oil could reach $100 by 4Q. Turning to weekly numbers, API numbers are due later today followed by EIA confirmations. Asian markets opened in green, continuing yesterday's gains.
Good day to all
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