By Srinivas Chowdary Sunkara // petrobazaar // 23rd July, 2021.
Brent oil futures for Sep delivery rose $1.56 or 2.16 pct to settle at $73.79 a barrel on London based ICE futures Europe exchange. In U.S, WTI oil futures to be delivered in Sep advanced $1.61 or 2.29% to close at $71.91 a barrel on NYMEX last night. In Shanghai, Crude oil main contract futures prices climbed 13.3 Yuan//bbl to 426.4 Yuan//bbl while MCX crude oil front month futures prices spiked Rs.337 or 6.72 pct to Rs.5353 a barrel yesterday. Brent premium over WTI narrowed down to $1.88 a barrel during the session.
The world crude oil price index curves continued to demonstrate upward momentum, Continued previous session's gains. Analysts are in the opinion that markets identified some soft spots that emerged in the oil demand recovery amid expected world's GDP growth. Inventory data continues to be encouraging that indicate the demand will outstrip supply in the second half of the year also supporting factor to oil complex. OPEC+ group is expected to remain cohesive is other factor that keep oil prices strong. On the other side, China supplied oil from strategic state-run inventories to the country's largest refineries earlier this month in a bid to quell a price rally. India decides to commercialize half of its 5Million Tonne strategic petroleum reserves as per sources. Asian markets are trading in red today, Reversing yesterday's gains. It does not demonstrate any firm trend so far. Both the benchmarks are trended to close the week with gains. Rig numbers are due later today. Good day to all.
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