By Srinivas Chowdary Sunkara // petrobazaar // 17th Aug, 2022.
Brent oil Sep futures prices went down $2.76 or 2.9 pct to $92.34 a barrel on London based ICE futures Europe exchange while U.S crude grade, WTI oil Aug futures prices fell down $2.88 or 3.22 pct to close at $86.53 a barrel on NYMEX last night. In Shanghai, Crude oil main contract futures prices slipped 6.8 Yuan to 661.7 Yuan/bbl where as MCX crude oil front month futures prices traded Rs.443 or 6 pct down to settle at Rs.6936 a barrel yesterday. Brent traded at a premium of $5.81 over WTI during the session.
The world crude oil price index curves continued to demonstrate downside momentum as traders reacted to economic worries across the world. U.S homebuilding fell to nearly one and half year's in July, China's central bank cut lending rates to try to revive demand as the nation's economy slowed unexpectedly in July. The outcome of Iran's deal with EU is unclear. API numbers are out. It is expected that U.S crude stocks fell by 448,000 barrels where as gasoline and distillates stocks were drawn by 4.5Mbpd and 759,000 barrels respectively during the last week. EIA will confirm numbers later today. Consensus is on draws Today, Asian markets are trading high on signs of demand resilience.
Good day to all.
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