:: Market News --- ID :: 19987
crude today // 24-03-2023
over supply worries

By Srinivas Chowdary Sunkara // petrobazaar // 24th March, 2023.

Brent oil futures prices for May delivery slipped 78 cents or 1.02 pct to close at $75.91 a barrel on London based ICE futures Europe exchange while WTI May oil futures prices dipped 94 cents or 1.33 pct to close at $69.96 a barrel on NYMEX last night. In Shanghai, Crude oil main contract futures prices went up 3.5 Yuan to 507 Yuan/bbl whereas MCX crude oil front month futures prices traded Rs.72 down to Rs.5777 a barrel yesterday. Brent premium over WTI widened to $5.95 a barrel during the session.

The world crude oil price index curves moved down after showing upside momentum in the early trade. Both the benchmarks lost nearly 1%, Reversing early gains after U.S energy secretary told that refilling the country's SPR may take several years. His comments fed worries about potential oversupply especially as the energy department plans to proceed with an additional release of 26Mb as part of its congressional mandate. Oil prices were pinned by strong dollar and higher gasoline price in the early session. Reference to EIA report, U.S Gasoline stocks were drawn significantly led to increase in gasoline demand for which refineries will need more crude. Today, Benchmarks are trading down at the time of reporting and likely to login marginal weekly losses.

Good day to all.

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