By Srinivas Chowdary Sunkara // petrobazaar // 22nd Feb, 2022.
Brent oil futures for April settlement rose $2.74 or 2.93 pct to close at $96.28 a barrel on London based ICE futures Europe exchange. WTI oil April futures prices climbed $2.79 or 3.06% to settle at $93.86 a barrel on NYMEX last night. In Shanghai, Crude oil main contract futures prices went up 2.2Yuan to 569.5Yuan/bbl while MCX crude oil front month futures prices settled Rs.167 or 2.48 pct higher at Rs.6912 a barrel yesterday. Brent premium over WTI widened to $2.42 yesterday.
The world crude oil price index curves continued to hover upside over the stand-off between Russian and West over Ukraine. Both the benchmark prices are marching towards $100 as the optimism of a Biden-Putin meeting fades that hints supply disruptions and OPEC+ group continuing to struggle to hit quotas. On the other hand expected a million barrels of Iranian oil hitting market, Continue to limit the rally. Analyst expect Iranian oil is expected later this year despite of significant progress in nuclear talks. Prices are expected to be remain volatile in the short term considering the escalation of political tensions and shortage of physical barrels. API numbers are delayed due to presidential holiday on Monday. Asian markets are opened in green zone, Trading nearer to all time high for last two years. Weekly numbers and Ukraine news will continue to spur oil markets near future.
Good day to all.
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