By Srinivas Chowdary Sunkara // petrobazaar // 24th May, 2021.
Brent oil July futures prices advanced $1.33 or 2.04 pct to close at $66.44 a barrel on London based ICE futures Europe exchange. In U.S, WTI oil July futures prices rose $1.53 or 2.47% to settle at $63.58 a barrel on NYMEX on Friday. In Shanghai, Crude oil main contract futures prices continued to slump another 10 Yuan to 400.2 Yuan/bbl while MCX current month futures prices edged Rs.109 higher at Rs.4659 a barrel on Friday. Brent premium over WTI narrowed down to $2.86 a barrel on Friday.
The world crude oil price index curves moved up on Friday after a down fall of earlier three sessions. Both the crude benchmarks logged in largest weekly loss during the week. Investors braced for the return of Iranian barrels after officials said that Iran and world powers made progress a nuclear deal. Markets remain upbeat over fuel demand outlook following the increase in U.S and Europe travel. Traders remain skeptical over the rising infection cases across Asia. Options bets on oil prices rising above $100 for the Dec, 2021 as per JP Morgan analysts. Barclays expect Brent and WTI oil prices to average $66 a barrel and $62 a barrel respectively, this year. U.S drillers added another 4 oil rigs during the last week. Asian markets opened in green today. It does not demonstrate any firm trend so far.
Good day to all.
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