By Srinivas Chowdary Sunkara // petrobazaar // 26th April, 2022.
Brent oil futures prices for June delivery slumped $4.33 or 4.06 pct to settle at $102.32 a barrel on London based ICE futures Europe exchange while WTI oil futures prices to be delivered in June tumbled $3.53 or 3.46% to close at $98.54 a barrel last night. In Shanghai, Crude oil main contract futures prices plunged 38.8Yuan to 635.2Yuan/bbl whereas MCX crude oil front month futures prices dropped Rs.368 to Rs.7456 a barrel yesterday. Brent premium over WTI narrowed down to $3.78 a barrel during the session.
The world crude oil price index curves continued to drop after oil markets logged in 5% loss during the last week. The prospectus of gloomy economic outlook amid increase in U.S interest rates, Prolonging Ukraine war and persisting China lockdowns that led to speculators to cut down their net longs last week, weighed on oil complex. Rising U.S dollar against a basket of currencies also pressed oil market since strong dollar makes oil costly. Oil continued to draw support from since Russia invasion of Ukraine followed by market losing barrels from Moscow that compounded supply fears. API numbers are awaited later today follow by EIA confirmations. Today, Oil prices retreated from major fall in previous sessions and trading in green zone at the time of reporting. Good day to all.
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