crude today 10-09-2020

Check out for Prices!

By Srinivas Chowdary Sunkara // petrobazaar // 10th Sep, 2020.

Brent oil futures for Oct delivery rose $1.01 or 2.54% to $40.79 a barrel on London based ICE futures Europe exchange and U.S crude oil futures, WTI prices to be delivered in Oct went up $1.29 a barrel on NYMEX last night. In Shanghai, Crude oil main contract futures prices slumped 4.6 Yuan/bbl or 1.7% to 264.5 Yuan/bbl while MCX crude oil Sep futures settled Rs.93 up at Rs.2798 a barrel yesterday. Brent premium over WTI narrowed down to $2.74 a barrel during the session.

The world crude oil price indexes moved up yesterday, clawing back some of the previous session&#39s losses due to softening short term outlook. Concern over stalling demand from Asian countries amid increase in virus cases continued lingering around the market that capped the upside momentum. Turning to weekly data, API reported that U.S crude supplies rose by 3Mb against analyst&#39s expectation of 1.4Mb drawings. Gasoline stocks are expected to be dropped by 6.9 Mb where as distillates inventories rose by 2.3 Mb. EIA will confirm the numbers later today. Today morning, Asian markets opened in red following the bearish weekly report that signs further bearish momentum. On the supply front, OPEC+ producers increased supplies in August that weighed on oil complex, Analysts expect strong statement from producer&#39s council in next week meeting. I strongly feel that bears are taking control over momentum. 

Disclaimer: Views and opinions expressed here are personal. This commentary is  for  information purposes only and not an offer or a solicitation to sell or buy any physical commodities or financial instruments. The views and analysis are based on reliable public information available at the time of writing. This report and its content cannot be copied, redistributed or reproduced in part or whole without the prior written permission of petrobazaar.com

Disclaimer: Views and opinions expressed here are personal. This commentary is for information purposes only and not an offer or a solicitation to sell or buy any physical commodities or financial instruments. The views and analysis are based on reliable public information available at the time of writing. This report and its content cannot be copied, redistributed or reproduced in part or whole without the prior written permission of petrobazaar.com

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