By Srinivas Chowdary Sunkara // petrobazaar // 27th August, 2021.
Brent oil Sep futures prices went down $1.18 or 1.63 pct to settle at $71.07 a barrel on London based ICE futures Europe exchange. WTI oil futures for Sep delivery closed 94 cents or 1.38% down to $67.42 a barrel on NYMEX last night. In Shanghai, Crude oil main contract futures prices edged up 3.2Yuan or 0.74pct to 432.7Yuan/bbl while MCX crude oil front month futures prices slid Rs.8 or 0.16% to Rs.5046 a barrel yesterday. WTI discount to Brent widened to near $4 during the session.
The world crude oil price index curves turned down yesterday after both the benchmark prices have fallen for the first day in a four days of continuous rally during the week. Renewed concerns about the demand recovery amid more restrictions to curb Covid-19 infections. Bullish weekly numbers lent support to crude complex while slid in exports and low jet fuel demand prevented prices from extending gains. Today, Asian markets are trading in green at the time of reporting. U.S rig numbers are due later today. Both the benchmarks are set to close the week with gains.
Good day and Happy week end to all.
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