crude today 13-3-2020

Check out for Prices!

By Srinivas Chowdary Sunkara // petrobazaar // 13th March 2020.

Brent oil futures for May delivery sank further by $2.57 to settle at $33.22 on London based ICE Futures Europe Exchange while WTI oil April futures slipped $1.48 to close at $31.5 a barrel on NYMEX. In Shanghai, Crude oil main contract futures dropped by 23.6 Yuan or 8.29% at 261.1 Yuan/barrel  where as MCX crude oil current month futures slumped Rs.155 at Rs.2328 a barrel yesterday.  Brent premium over WTI narrowed down to $1.72 during the session.

The world crude oil benchmark indexes moved down yesterday after an unexpected announcement by Trump, restricting travels from Europe to contain spreading corona virus across the country. The WHO described the outbreak as a pandemic. The slump is also being compounded by the worries over the threat of supplying cheap crude from Saudi. The world equity markets dived over the prevailing corona virus worries across the world. Meanwhile oil operators have started negotiations with the oil field services providers to take the price advantage and the energy stocks are trading at lowest levels not seen before. Baker Hughes numbers awaited later today and expect to see lower number of rigs. 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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