By Srinivas Chowdary Sunkara // petrobazaar // 30th June, 2021.
Brent oil current month futures prices went up 8 cents or 0.11 pct to $74.76 a barrel on London based ICE futures Europe exchange. WTI oil front month futures prices edged up 7 cents or 0.1 pct to $72.98 a barrel on NYMEX last night. In Shanghai, Crude oil main contract futures prices slipped 7.6 Yuan/bbl to 456 Yuan/bbl while MCX crude oil current month futures prices inched up Rs.2 or 0.04% to Rs.5417 a barrel yesterday. Brent premium over WTI unchanged at $1.78 per bbl during yesterday's session.
The world oil price index curves moved slightly upwards yesterday reversing earlier session's losses. Fundamentally, Broad scope for recovery in persistent demand supported oil indexes yesterday though new outbreaks of the highly contagious Delta variant of the corona virus prompting fresh mobility curbs worldwide. Turning to OPEC+ meet, Kuwait says it supports OPEC+ efforts for market stability and believes that its decisions are in the interest of the producer's group. Turning to weekly numbers, API estimated that U.S crude stocks are drawn by 8.153 Mb while Gasoline and Distillates stocks are predicted to be piled up by 2.418Mb and 0.428Mb respectively. EIA will confirm the numbers later today. Consensus is on stock draws. Today, Asian markets are trading down at the time of reporting. It doesn't demonstrate any firm trend so far. Good day to all.
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