By Srinivas Chowdary Sunkara // petrobazaar // 24th Feb, 2022.
Brent oil futures for April delivery traded steadily yesterday, Closed flat at $96.84 on London based ICE futures Europe exchange and WTI oil April futures changed a little down by 25 cents or 0.27 pct to settle at $92.1 a barrel on NYMEX last night. In Shanghai, Crude oil main contract futures traded 6.9Yuan down at 590 Yuan/bbl while MCX front month futures prices went Rs.36 down to Rs.6869 a barrel yesterday. Brent traded at a premium of $4.74 a barrel during yesterday's session.
The world crude oil price index curves moved flat yesterday as U.S officials indicated that the escalation of Russia-Ukraine tensions will not result into sanctions on Russians oil. On Tuesday, Brent touched $99.5 a barrel, Its highest since Sep, 2014 after Russia sent troops into two breakaway regions in eastern Ukraine. Turning to weekly data, API predicted that U.S crude stocks rose by 6Mb and gasoline stocks went up by 427Kb while distillates stocks were drawn by 985Kb. EIA will confirm the numbers later today. Consensus is on dip in crude and product stocks during last week. Analysts expect that Iranian barrels that may hit markets very soon this year will break ongoing crude rally. Even though, Escalation of geo-political tensions will continue to extend support to oil complex in short term. Today, Asian markets opened up and Brent crossed $100 and trading at $101.59 a barrel at the time of reporting. Markets are expected to continue rally in response to ongoing political jitters. Good day to all.
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