By Srinivas Chowdary Sunkara // petrobazaar // 25-02-2021
Brent oil futures prices for April delivery rose $1.67 or 2.55% to close at $67.04 a barrel on London based ICE futures Europe exchange. WTI oil futures to be delivered in April went up $1.55 or 2.51 pct to settle at $63.22 a barrel on NYMEX last night. In Shanghai, Crude oil main contract futures prices closed down 7.1 Yuan to settle at 405.8 Yuan/bbl while MCX crude oil futures prices rose Rs.84 to close at Rs.4575 a barrel yesterday. Brent premium over WTI widened to $3.92 a barrel during the session.
The world crude oil price indices continued to rally yesterday on bullish weekly numbers published by EIA. As per EIA, U.S crude oil stocks rose 1.285Mb and gasoline stocks were increased by 0.012 Mb while distillated stocks were drawn by 4.969 Mbpd. U.S oil production dropped last week by more than 1 million barrels per day during the rare winder storm in Texas. Refinery crude inputs dropped to the lowest since Sep 2008 as the freeze knocked out power to millions. Asian markets opened in green today, continuing yesterday's gains. Good day to all.
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