By Srinivas Chowdary Sunkara // petrobazaar // 17th June 2022.
Brent oil futures for August delivery rose $1.3 or 1.1 pct to close at $119.81 a barrel on London based ICE futures Europe exchange while WTI oil July futures prices surged $2.28 or 1.98 % to settle at $117.59 a barrel on NYMEX last night. In Shanghai, Crude oil main contract futures prices tumbled 16.9Yuan to 741.1 Yuan/bbl where as MCX crude oil front month futures prices settled Rs.31 lower to Rs.9146 a barrel yesterday. Brent traded at a premium of $2.22 a barrel over WTI during the session.
The world crude oil price index curves turned up in a topsy - turvy trading yesterday. Both the benchmarks traded down in the early hours sell off. Buyers jumped back into the market as the supply concerns will remain prevailed in the market. Oil futures prices have fallen during the previous two session following the dip in financial markets over the increase of fed rate. Despite of economy worries keep weigh on oil prices, Demand outlook is expected to be remain bright. IEA expected demand to rise further in 2023 growing by more than 2% to a record 101.6 Mbpd. Prices also got boost from Western sanctions on Iran and China. Today, Asian markets opened in red, Continuing bearish mood in the market. Both the benchmarks are moving towards to login weekly loss.
Good day to all.
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