By Srinivas Chowdary Sunkara // petrobazaar // 13th Feb, 2021.
Brent oil futures prices for April delivery advanced $1.29 or 2.11pct to $62.43 a barrel on London based ICE futures Europe exchange. U.S crude oil futures, WTI prices edged up $1.23 or 2.11% to settle at $59.47 a barrel on NYMEX last night. In Shanghai, Crude oil main contract futures prices remained unchanged while MCX front month contract crude oil futures prices closed Rs.84 up to Rs.4331 a barrel yesterday. Brent traded at a premium of $2.96 over WTI during yesterday's session.
The world crude oil price index curves turned up after curbing margins in the previous session, curtailing longest streak of rally that started last week. Ongoing vaccine progress and expected U.S stimulus pained optimistic picture while monthly reports that pained bleak picture capped the margins yesterday. Turning to weekly data, Baker Hughes reported that U.S drillers added 7 Nos of oil rigs last week. ICE and CFTC reported that Money managers increased their net-length in both Brent & WTI oil futures and options during the week ending Feb 9th. Brent time-spreads surges 16 cents to backwardation of 59 cents. Both the Benchmarks logged in weekly gains yesterday.
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