By Srinivas Chowdary Sunkara // petrobazaar // 10th August, 2021.
Brent oil futures prices for Oct delivery slid $1.66 or 2.35% to settle at $69.04 a barrel on London based ICE futures Europe exchange. U.S oil Sep futures prices dived $1.8 or 2.64 pct to close at $66.48 a barrel on NYMEX last night. In Shanghai, Crude oil main contract futures prices dropped 14.6 Yuan to 418.6Yuan/bbl while MCX crude oil front month futures prices descended further to settle Rs.156 lower at Rs.4941 a barrel yesterday. Brent premium over WTI widened to $2.56 a barrel during the session.
The world crude oil price index curves continued to slope down after worst hit during the last week. Looming escalation of demand worries amid surging virus cases across Asian countries rumbling for price crash. Both the benchmarks registered biggest weekly loss during the last week following the Chinese weak factory growth numbers, Bearish weekly numbers and expected dampening petroleum demand amid virus worries. Analysts are in the opinion that oil markets remain in range bound here as the physical market is poised to remain in a deficit through the end of the year. Turning to data side, API estimates followed by EIA confirmations are due today and tomorrow. IEA and OPEC monthly numbers are also set to come out this week. Today, Asian markets opened in green, clawing back some of the yesterday's losses. Data numbers may spur some volatility during the week and Bears festival may continue. Good day to all.
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