By Srinivas Chowdary Sunkara // petrobazaar // 29th April, 2022.
Brent oil futures for June delivery rose $2.27 or 2.16 pct to close at $107.59 a barrel on London based ICE futures Europe exchange while WTI June futures prices went up $3.3 or 3.23% to settle at $105.32 a barrel on NYMEX last night. In Shanghai, Crude main contract futures prices slid 11.9 Yuan to 652.8Yuan/bbl where as MCX crude oil front month futures prices soared Rs.191 to settle at Rs.8029 a barrel yesterday. Brent premium over WTI narrowed down to $2.27 a barrel during the session.
The world crude oil price index curves continued to hover up on tightening supply fears across the market. Both the benchmarks closed up as Russian supply disruption fears trumped COVID-19 lockdowns in China. The front month Brent June contract set to expire later today. Both the benchmarks are very likely to login weekly gains. Germany sings of joining EU embargo to ban Russian oil also supported oil complex. EIA reported drawings in U.S crude and product stocks last week. U.S domestic production numbers remain unchanged amid refineries are making huge profits. Analysts are in the opinion that oil markets are very likely to be volatile in near futures considering the factors of gloomy economic outlook and strong dollar may curtail demand outlook. China's numbers are strengthening the bearish outlook in the oil market. Today, Asian markets opened in green and continued to add to yesterday's margins. Good day to all.
Disclaimer: Views and opinions expressed here are personal. This commentary is for information purposes only and not an offer or a solicitation to sell or buy any physical commodities or financial instruments. The views and analysis are based on reliable public information available at the time of writing. This report and its content cannot be copied, redistributed or reproduced in part or whole without the prior written permission of petrobazaar.com