By Srinivas Chowdary Sunkara // petrobazaar // 14th April, 2022.
Brent oil futures for June delivery rose $4.14 or 3.96 pct to close at $108.79 a barrel on London based ICE futures Europe exchange while WTI oil May futures jumped $3.65 or 3.63% to settle up at $104.25 a barrel on NYMEX last night. In Shanghai, Crude oil main contract futures prices settled 15.1 Yuan up to 650.5 Yuan/bbl while MCX crude oil front month futures prices went up Rs.279 or 3.64 pct to close at Rs.7923 a barrel yesterday. Brent premium over WTI widened to $4.53 a barrel during the session.
The world crude oil price index curves continued to swing up following a jump of 6% in the previous session. Both the benchmarks moved wildly after markets quantify the loss from Russia estimated from 1 million to 3 million bpd. Markets seems to move on headlines from Russia that are seen as threat and its impact on supplies. Turning to monthly reports, IEA expected that slowing world oil demand and rising global oil production could offset losing barrels from Moscow. OPEC said that it would be impossible to compensate losing barrels from Russians. As per analysts, Market focus shifted from physical markets softness. Expected increase in China demand and seasonal demand supported bullishness in the market. Putting some light on weekly reports, EIA reported hefty increase in U.S crude stocks while gasoline and distillates stocks are reportedly drawn during the last week. Today, Asian markets are trading in red zone. Both the benchmarks are moving towards weekly gains. Good day to all.
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