By Srinivas Chowdary Sunkara // petrobazaar // 29th March, 2021.
Brent oil futures prices for May delivery rose $2.62 or 4.23 pct to $64.57 a barrel on London based ICE Futures Europe exchange. WTI oil futures for May delivery went up $2.41 or 4.12 pct to $60.97 a barrel on NYMEX on Friday. In Shanghai, Crude oil main contract futures prices edged up 1.1Yuan to 384.3 Yuan/bbl while MCX crude oil current month futures prices settled higher by Rs.207 to close at Rs.4456 a barrel on Friday. Brent premium over WTI widened to $3.6 a barrel during the session.
The world crude oil price index curves bounced back to upside on Friday on concerns that a large container ship that ran aground in Suez Canal may block the vital shipping lane for weeks. Both the benchmark registered third consecutive weekly loss. Expectations that blockage of large container may last for weeks raised concerns over tightening supplies as there are 320 vessels stuck into the red sea. Lingering worries over fresh wave of lockdowns in Europe may dent oil demand, that may shrug off the upside price momentum. On the supply side, OPEC+ group are expected to take decision at the month end meeting to roll over cuts. Asian markets are trading in red zone today at the time of reporting.
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