crude today 18-2-2022

Check out for Prices!

By Srinivas Chowdary Sunkara // petrobazaar // 18th Feb, 2022.

Brent oil futures prices for April delivery fell $1.84 or 1.94 pct to settle at $92.97 a barrel on London based ICE futures Europe exchange. WTI oil March futures prices slid $1.9 or 2.03% to close down at $91.76 a barrel on NYMEX last night. In Shanghai, Crude oil main contract futures prices went up 3.8 Yuan to 565.9 Yuan/bbl while MCX crude oil front month futures prices settle Rs.191 or 2.71pct at Rs.6856 a barrel yesterday. Brent premium over WTI widened to $1.21 a barrel during the session.

The world crude oil price index curves took down turn yesterday after a retreat in the previous session from Tuesday session losses after some of the Russian troops were withdrawn from Ukraine border. Both the benchmarks continued to trade in negative territory yesterday as the Iranian barrels are very likely to come back to market. U.S and France says that Iran nuclear talks in final stages. On the contrary, Markets are supported with Russia-Ukraine tensions. Analysts says that oil market is locked in a tug of war between Iranian sanctions relief and geo-political tensions. Turning to weekly data, EIA reported Surprise jump in U.S crude stocks by 1.1Mbpd last week while gasoline and distillates stocks were fell by 1.3Mbpd and 1.6Mbpd respectively during the last week. Depleting U.S distillates stocks to record low levels indicated strong demand which in turn boost crude demand that will drive up crude prices. Asian markets are trading in red zone, adding to yesterday&#39s losses. Both the benchmarks are moving towards weekly losses. 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

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