crude today 11-3-2020

Check out for Prices!

By Srinivas Chowdary Sunkara // petrobazaar // 11th March 2020.

Brent oil prices for May delivery rose $2.86 to settle at $37.22 a barrel on London based ICE Futures Europe exchange while WTI oil futures prices to be delivered in April closed $3.23 up at $34.36 a barrel on NYMEX. Shanghai crude oil main contract futures prices dropped by 30.5 Yuan or 9.02% to 307.6 Yuan/barrel where as MCX crude oil current month futures retreated Rs.174 to settle at Rs.2632 a barrel. Brent premium over WTI narrowed down to $2.86 a barrel during the session.

The world oil price indexes are climbed today for the second day after biggest single day fall on Monday during the decade. Both the benchmark crude futures retreated nearly half of 25% loss during the Monday&#39s session. Oil markets and equity markets staged solid rebounds on signs of coordinated action by the world&#39s biggest economies to cushion the economic impact of the epidemic. Hopes of U.S producers tighten the oil spigots supported the oil complex while the margins are capped by the skepticism over the Washington&#39s stimulus package to fight with coronavirus. Turning to weekly data, API predicted that the U.S crude supplies are build by 6.4 Mb during the last week while products stocks are reportedly drawn. EIA numbers are awaited later today. Consensus is on climb in crude stocks and fall in products stocks. Today morning Asian markets are opened in positive mood continued yesterday&#39s gains. 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

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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