By Srinivas Chowdary Sunkara // petrobazaar // 23rd April, 2021.
Brent oil futures for June delivery went down $1.25 or 1.88 pct to $65.32 a barrel on London based ICE Futures Europe exchange. WTI oil June futures settled $1.32 or 2.11% lower at $61.35 a barrel on NYMEX last night. In Shanghai, Crude oil futures prices plummeted 11.8 Yuan to 402.5Yuan/bbl while MCX crude oil current month futures prices slumped Rs.89 to close at Rs.4640 a barrel yesterday. Brent traded at a premium of $3.97 a barrel during the session.
The world crude oil price index curves moved down yesterday as bearish sentiment was stocked by progress on talks between Iran and world powers, The deal will allow Iran to dump extra barrels in to market. Though, Libya's production fall could lent some support to crude complex, The reality of global oil demand come back is not possible without major economies support, Constrained traders to take cautious approach in trading. The world's third largest oil user, India is diving into major crisis with infections setting new records every day. The world's 4th largest consumer, Japan is preparing for 3rd wave of lockdowns. Turning to weekly numbers, U.S rig numbers are expected later today. On the supply side, OPEC+ meet is scheduled next week. Major policy changes are not expected during the meeting as per analysts. Asian markets opened in green, Some recovery from previous sessions losses.
Good day to all and Happy week end.
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