By Srinivas Chowdary Sunkara // petrobazaar // 23rd March, 2023.
Brent oil futures for May delivery rose $1.37 or 1.82 pct to close at $76.69 a barrel on London based ICE Futures Europe exchange while WTI oil May futures prices went up $1.57 or 2.26% to settle at $70.9 a barrel on NYMEX last night. In Shanghai, Crude oil main contract futures traded 10.7 yuan up to 503.5Yuan a barrel whereas MCX crude oil front month futures traded Rs.72 or 1.25% up to Rs.5849 a barrel yesterday. Brent premium over WTI narrowed down to $5.79 a barrel during the session.
The world crude oil price index curves continued to move up yesterday after benchmarks prices sank to 15 months low during the week. Both the benchmarks moved up after a drop in dollar against other basket of currencies yesterday. The green back support shrugged off the bearish sentiment of inflated stocks in U.S last week. Markets were not surprised of one quarter of a percentage increase in Interest rate by Fed. Turning to weekly numbers, U.S crude stocks were piled up by 1.1 Mbpd where as gasoline and distillates stocks were drawn by 6.4Mbpd and 3.3Mbpd respectively last week as per EIA. There is a plenty of oil in U.S since Nov and domestic production numbers went up with imports and exports numbers were marginally changed. Today, Asian markets are trading in red at the time of reporting. Benchmarks are likely to login weekly gains.
Good day to all.
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