By Srinivas Chowdary Sunkara // petrobazaar // 9th April, 2021.
Brent oil futures for June delivery changed a little by 4 cents or 0.06 pct to $63.2 a barrel on London based ICE futures Europe exchange. U.S crude benchmark futures, WTI prices edged down 17 cents or 0.28 pct to close at $59.6 a barrel on NYMEX last night. In Shanghai, Crude oil main contract futures prices edged down 2.5 Yuan or 0.64 % to 383.5 Yuan/bbl while MCX crude oil current month futures prices settled Rs.7 lower at Rs.4442 a barrel yesterday. Brent premium over WTI narrowed down further to $3.6 a barrel during the session.
The world crude oil price index curves moved down slightly yesterday as weak dollar and rising crude stocks offset earlier declines caused by ballooning U.S product stocks and sub-dued demand compared to pre-pandemic levels. Analysts are in the opinion that crude prices are struggling for direction. On the supply side, Russians ramped up production compared to March levels. Russia says that pandemic impact on demand outlook may last until 2023-2024 according to the document drafted by Reuters. Iran and U.S held talks with other powers on reviving a nuclear deal that almost stopped Iranian oil from coming to market. Tehran will add oil into global supplies, If some sanctions are lifted . Both the benchmarks are moving towards weekly loss. Today, Asian markets are trading flat at the time of reporting. U.S rig numbers are due later today.
Good day to all.
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