By Srinivas Chowdary Sunkara // petrobazaar // 20th April, 2021.
Brent oil futures for June delivery rose 28 cents or 0.42 pct to settle at $67.05 a barrel on London based ICE futures Europe exchange. WTI oil futures May delivery prices advanced 25 cents or 0.4 pct to close at $63.38 a barrel on NYMEX last night. In Shanghai, Crude oil main contract futures prices edged down 4.6 Yuan or more than 1 pct to 412.3 Yuan/bbl while MCX crude oil current month futures prices settled Rs.49 higher at Rs.4770 a barrel during the yesterday's session. Brent traded at a premium of $3.67 over WTI during the session.
The world crude oil price index curves turned up yesterday as crude complex is being supported by a weak dollar, While lingering demand worries over surge in virus cases in world's largest economies continue to cap upward momentum fundamentally. API estimates are due later today.
Technically speaking, The markets seems to be have settled into short term equilibrium after Hedge funds were convinced to resume buying petroleum last week following the wave of selling and sharp drop in oil prices a month ago. OPEC+ continued production restraint and strong upturn in business cycle across North American and Western Europe backed oil prices. On the supply side, KSA imports in Feb reported to have fallen compared to last eight months, Lent some support to oil prices. On April, 28th, OPEC+ meet or JMMC meet or both are scheduled. Today, Asian markets are trading in green, continuing yesterday's gains.
Good day to all.
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