crude today 17-08-2021

Check out for Prices!

By Srinivas Chowdary Sunkara // petrobazaar // 17th August, 2021.

Brent oil futures price for Oct delivery dropped $1.08 or 1.53 pct to settle at $69.51 a barrel on London based ICE futures Europe exchange. WTI oil Sep futures prices slid $1.15 or 1.68% to close at $67.29 a barrel on NYMEX last night. In Shanghai, Crude oil main contract futures prices settled 5.7Yuan lower to 424.3Yuan/bbl while MCX crude oil front month futures prices went Rs.85 down to Rs.4996 a barrel yesterday. Brent traded at a premium of $2.22 a barrel during the session.

The world crude oil price index curves demonstrated downside momentum yesterday. In the Early trade, Both the benchmarks dropped more than 3% on weak Chinese factory output and retail sales in July. However, Prices rebounded after sources from OPEC+ said that there is no need to open spigot for more oil despite of U.S pressure to add supplies to check an oil price rise. Turning to Technicals, Money managers reduced their net length in both Brent and WTI in the week ending August 10th as per the CFTC and ICE data. As per analysts, Surging virus cases weighed on oil demand outlook that pushed speculators to cut positions. Today, Asian markets opened in green, Recovering some of yesterday&#39s losses. It does not demonstrate any firm trend so far. API estimates are due later today. 

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

Recent Posts