crude today 26-02-2020

Check out for Prices!

By Srinivas Chowdary Sunkara // petrobazaar // 26th Feb 2020.

Brent oil futures prices for April delivery dropped $1.35 to settle at $54.95 on the London based ICE Futures Europe exchange while WTI oil futures prices sank $1.53 to close at $49.9 a barrel last night on NYMEX. In China, Shanghai crude oil main contract futures prices fell by 1.9 Yuan or 0.47% to 399.3 Yuan/barrel where as the MCX crude current month futures contract prices slipped by Rs.18 to Rs.3644 yesterday. Brent traded at a premium of $5.05 over WTI during the session.

The world crude bench mark price indexes traded around 3% lower yesterday for the straight third day in a row as the rapid spread of corona virus outside China concerned the market over its significant impact on demand across the market. The slid can also be partially attributed to a spill over from a plunge in global equity markets since oil markets follow the financial markets trend very often. Analysts are in the opinion that the virus fears outweighed the OPEC deep cuts and Libyan supply losses. Turning to weekly data, API report showed a build in U.S crude stocks and gasoline by 1.3Mbpd and 74Kb respectively while distillates inventories are drawn by 706Kb. U.S government data will come out later today meanwhile analysts predicted 2.8Mb rise in crude stocks and dip in product stocks. 

Today morning, Oil markets opened in green during Asian hours and it does not demonstrate any firm trend so far.The bearish weekly stock reports are likely to put some pressure on oil prices today. 

Good day to all. 

Disclaimer: Views and opinions expressed here are personal. This commentary is  for  information purposes only and not an offer or a solicitation to sell or buy any physical commodities or financial instruments. The views and analysis are based on reliable public information available at the time of writing. This report and its content cannot be copied, redistributed or reproduced in part or whole without the prior written permission of petrobazaar.com

Disclaimer: Views and opinions expressed here are personal. This commentary is for information purposes only and not an offer or a solicitation to sell or buy any physical commodities or financial instruments. The views and analysis are based on reliable public information available at the time of writing. This report and its content cannot be copied, redistributed or reproduced in part or whole without the prior written permission of petrobazaar.com

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