By Srinivas Chowdary Sunkara // petrobazaar // 14th August, 2020.
Brent oil futures prices for Oct delivery were down 47 cents or 1.03% to close at $44.96 a barrel on London based ICE futures Europe exchange and WTI oil futures to be delivered in Sep settled 43 cents down at $42.24 a barrel on NYMEX. In Shanghai, Crude oil main contract futures dropped by 1.5 Yuan or 0.51% at 291.9 Yuan/barrel while MCX crude oil current month contract futures closed Rs.14 down at Rs.3164 a barrel in India. Brent traded at a premium of $2.72 over WTI during the session.
The world crude oil price indexes demonstrated downward trend yesterday after IEA reported to have reduced its oil demand forecast for this year. Both the benchmark crude futures are heading to register weekly gains today. Oil prices were supported with the bullish weekly reports signalling strong recovery in product demand and refineries coming back to normal production. Resurgence of infection numbers and dimmed hopes on U.S aid keep weigh on oil prices. Weekly rig numbers are due today. Good day to all and happy week end.
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