By Srinivas Chowdary Sunkara // petrobazaar // 25th May 2020.
Brent oil futures prices for July delivery are trading 8 cents up at $35.19 on London based ICE futures Europe exchange and WTI oil futures prices to be delivered in July inched up 6 cents at $33.42 a barrel on NYMEX. Both the benchmark oil prices traded up last week to settle with weekly gains. Brent is trading at a premium of $1.77 over WTI during today's session.
The global benchmark crude oil price indexes moving flat today as the uncertainty looming around the market over escalation of tensions between U.S and China. Markets responded positively to the strong compliance rate of production cuts that strengthened oil market fundamentals for last couple of weeks. declining rig numbers, drawings in U.S crude stocks and signs of improving physical markets have clearly been supportive to oil markets. With holidays in London, Singapore and Newyork dampened trade and rising concerns over demand outlook weighed on oil prices today. Good day to all.
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