:: Market News --- ID :: 19985
crude today // 21-03-2023
flirting with contango

By Srinivas Chowdary Sunkara // petrobazaar // 21st March, 2023.

Brent Oil May futures prices rose 82 cents or 1.12 pct to $73.79 a barrel on London based ICE futures Europe exchange while WTI oil April futures gained 90 cents or 1.35 pct to close at $67.64 a barrel on NYMEX last night. The most active WTI May contract futures prices went up 89 cents or 1.3 pct at $67.82 a barrel during the session. In Shanghai, Crude oil main contract futures prices slid 21.4 Yuans to 481.5 Yuan/bbl where as MCX crude oil current month futures prices dipped Rs.3 to Rs.5526 a barrel yesterday. Brent premium over WTI narrowed down to $6.15 a barrel during the session.

The world crude oil price index curves closed up after demonstrating  downside momentum yesterday. Both the benchmarks dived to 15 months low levels on recession fears. Risks in global banking sector sparked recession worries that may sap fuel demand. As per analysts, oil curves are not moving as per fundamentals like demand and supply but there is a lot of fear-based movement in oil prices. Lingering worries likely to be remain in this week's market. A ministerial committee of OPEC+ is set for a meeting on April 3rd. Turning to weekly data, API numbers are due followed by EIA confirmations. Today, Asian markets are opened in red and moving down at the time of reporting. 

Good day to all

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