By Srinivas Chowdary Sunkara // petrobazaar // 19th March, 2021.
Brent oil futures prices for May delivery tumbled $4.72 or 6.94 pct to settle at $63.28 a barrel on London based ICE futures Europe exchange. WTI Oil futures prices to be delivered in April closed at $60 after shedding $4.6 or 7.12 pct last night. In Shanghai, Crude oil main contract futures prices slid 9.4 yuan to 411.5Yuan/bbl while MCX crude oil current month futures prices sunk Rs.231 to Rs.4444 a barrel yesterday. Brent premium over WTI narrowed down to $3.28 a barrel during the session.
The world crude oil price index curves continued to fall for the fifth trading session on Thursday. Inventory build, strong dollar, concerns over demand outlook and Virus worries are the fundamental factors mentioned by analysts. Technically speaking, CTAs probably unloading some longs might be the strong reason behind collapse in oil prices. In my opinion, Crude has began its correction. The freeze and OPEC supplies hyped up prices too high. 3rd wave and weak demand are the jargons that used to justify correction. Asian markets today are in green. Rig numbers are due later today.
Good day to all.
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