By Srinivas Chowdary Sunkara // petrobazaar // 30th April, 2021.
Brent oil July month futures prices soared $1.29 or 1.92 pct to $68.56 a barrel on London based ICE futures Europe exchange. WTI oil futures prices for June month delivery gained $1.15 or 1.8% on NYMEX last night. In Shanghai, Crude oil main contract futures prices settled 6.8 Yuan higher at 414.9 Yuan/bbl while MCX crude oil current month futures prices closed Rs.40 up to Rs.4813 a barrel yesterday. Brent oil futures traded at a premium of $3.55 over WTI during the yesterday's session.
The world crude oil price index curves demonstrated upward momentum after trending up for last three sessions. Strong demand forecasts outweighed lingering worries that persisted across the market over surging infection cases in India and Japan. As per weekly numbers, Stocks of both crude and products have almost converged on the pre-epidemic fiver-year average, Implying the rebalancing process after the volume war, epidemic and lockdowns is now complete, as expected at the end of the first quarter, as mentioned by John Kemp. A closer look at the above fact lent some support to oil complex. On the other hand, Weak dollar also pushed oil prices up yesterday. As per per Baker Hughes report, U.S drillers added 3 more oil rigs during the last week. Asian markets opened in red today erasing last three sessions gains.
Good day to all and happy week end.
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