By Srinivas Chowdary Sunkara // petrobazaar // 29th April, 2021.
Brent oil futures for June delivery rose 85 cents or 1.28 pct to close at $67.27 a barrel on London based ICE futures Europe exchange. In U.S, WTI oil futures prices edged up 92 cents or 1.46 % to settle at $63.86 a barrel on NYMEX. In Shanghai, Crude oil main contract futures prices went up 5.7 Yuan to 408.1Yuan/bbl while MCX crude oil current month futures prices settled Rs.95 higher at Rs.4773 a barrel yesterday. Brent traded at a premium of $3.41 over WTI during yesterday's session.
The world crude oil price index curves continued to move up as the bench mark prices continued to hover upside on demand optimism. However, Markets remained concerned over lingering worries over surging virus cases in India. Turning to weekly numbers, EIA reported that U.S crude and gasoline stocks rose by 0.1Mbpd each while distillates stocks were reportedly down by 4.3 Mbpd during the last week. Significant draws in distillates stocks created some demand optimism that pushed up oil prices yesterday. U.S production numbers are down while U.S crude imports were ballooned up with a moderate downfall in exports. Other bullish factors would be increase in crude through put into refinery and Increase in U.S refinery capacity. On the supply side, OPEC+ group decided no change in current policy and confident of getting healthy demand outlook going forward. Rig numbers are due tomorrow. Asian markets opened in positive mood, Continuing yesterday's gains.
Good day to all.
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