:: Market News --- ID :: 18260
crude today // 23-02-2021
New highs possibility

By Srinivas Chowdary Sunkara // petrobazaar // 23rd Feb, 2021.

Brent oil futures for April delivery advanced $2.33 or 3.7% to settle at $65.24 a barrel on London based ICE futures Europe exchange. WTI oil March futures prices  jumped $2.25 or 3.8 pct to close at $61.49 a barrel on NYMEX last night. In Shanghai, Crude oil main contract futures prices rose 3.8 Yuan to close at 392.2 Yuan/bbl while MCX crude oil current month futures prices ended Rs.122 higher at Rs.4435 a barrel yesterday. Brent premium over WTI widened to $3.75 a barrel during the session.

The world crude oil price index curves demonstrated upward momentum on significant loss of U.S crude production after last week's deep freeze in Texas shut. Analysts forecast further upside in brent prices buoyed by both rising long-dated prices as well as sustained steep level of backwardation as mentioned by Goldman. Stock draws, rebound in demand OPEC+ cuts and rolling yield are the some of other factors that will drive oil futures to new highs in 2H21. On supply side, With these prices, Some OPEC+ states will likely to propose easing the cuts in near futures. Markets eye on March JMMC meet. API numbers are due later today. Asian markets opened in green, extended yesterday's gains by more than 1% today. Good day to all.

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