By Srinivas Chowdary Sunkara // petrobazaar // 19th July, 2021.
Brent oil futures for Sep delivery rose 28 cents or 0.38 pct to close at $73.77 a barrel on London based ICE futures Europe exchange. In U.S, WTI oil August futures prices closed 36 cents up to $72.01 a barrel on NYMEX on Friday. In Shanghai, Crude oil main contract futures prices slipped 6.9 Yuan to 438 Yuan/bbl while MCX crude oil front month futures prices inched down Rs.8 to Rs.5364 a barrel on Friday. Brent premium over WTI narrowed down to $1.76 a barrel during the session.
The World Crude oil benchmark price index curves moved down on Friday, Continued previous two session's losses on supply pressures. Both the benchmarks logged in biggest weekly loss since March. On the supply side, Saudi and UAE reached a compromise deal, agreed to gradually add more oil supplies to the market from August(4,00,000 b/d monthly hikes until Sep 2022). As per analysts, OPEC+ deal removes cohesion risk but adds supply and incentive to increase capacity. Markets are nervous over economic growth and oil demand . Asian markets opened in red today, extending last week's loss. It doesn't demonstrate any firm trend so far. Good day to all.
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