By Srinivas Chowdary Sunkara // petrobazaar // 25th May, 2021.
Brent oil futures for July delivery jumped $2.02 or 3.04 pct to settle at $68.46 a barrel on London based ICE futures Europe exchange. In U.S., WTI July futures prices rose $2.47 or 3.88 % to settle at $66.05 a barrel on NYMEX last night. In Shanghai, Crude oil main contract futures prices closed up 13.8Yuan to 414Yuan/bbl while MCX crude oil front month contract futures prices closed Rs.164 or 3.52 pct to Rs.4823 a barrel yesterday. Brent traded at a premium of $2.41 over WTI during the session.
The world crude oil price index curves continued to hover at high after traders eyed on potential hitch in Iran talks with world major powers on Nuclear deal. Oil prices also got support from investor's optimism over demand outlook. Analysts says that market is poised to absorb additional barrels from Tehran as a result of aggressive vaccination drive boosted the drive in world's major economies. Market believes that Iran's oil return to market will not stall draw down in global oil stocks. Goldman Sachs reiterates its bullish Brent call for $80 in summer that signals opportunities to position for the next rally. Turning to exchange and regulatory body data, Portfolio managers trimmed their bullish positions in petroleum last week after prices failed to break recent $70 mark. Hedge managers and other money managers sold the equivalent of 35 Mb in the six most important petroleum futures and options contracts in the week to May 18. Fund managers remain bullish overall. Today, Asian markets opened in green and trading down at the time of reporting. API numbers are due later today.
Good day to all .
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