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's session. Oil markets and equity markets staged solid rebounds on signs of coordinated action by the world's 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's 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's gains. Good day to all.
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