:: Market News --- ID :: 19709
crude today // 27-07-2022
bracing for fed rates

By Srinivas Chowdary Sunkara // petrobazaar // 27th July, 2022.

Brent oil futures prices for Sep delivery slid 75 cents or 0.71 pct to close at $104.4 a barrel on London based ICE futures Europe exchange while WTI oil Sep futures prices went down $1.72 or 1.78 pct to settle at $94.98 a barrel on NYMEX last night. In Shanghai, Crude oil main contract futures prices rose 38.9 Yuan to 678.5 Yuan/bbl where as MCX crude oil front month futures traded Rs.49 or 0.64 pct down to Rs.7664 a barrel yesterday. Brent premium over WTI widened to $9.42 a barrel during the session.

The world crude oil price index curves went down yesterday after both the benchmarks reversed early gains on Russia cut down gas to Europe. The world benchmark prices moved down on low optimism by traders, Bracing to a release of another 20Mb from U.S SPRs. Fed set to raise interest rates that will trim demand prospectus across the market, Pressed the oil market. Turning to weekly data, API reported that U.S crude stocks fell by 4Mbpd last week while gasoline stocks fell by 1.1Mb. Consensus is on draws. EIA will confirm numbers later today. Today, Asian markets are trading in green at the time of reporting. Markets are expected to be volatile on Fed announcement. 

Good day to all.

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