By Srinivas Chowdary Sunkara // petrobazaar // 30th June, 2020.
Brent oil futures prices for August settlement rose 69 cents to $41.71 and WTI oil futures to be delivered in August closed $1.21 up at $39.7 a barrel last night. In Shanghai, Crude oil main contract futures dropped by 12.9 Yuan or -4.32% at 285.7 Yuan/barrel while MCX crude oil July contract futures climbed Rs.104 to settle at Rs.3010 a barrel yesterday. Brent traded at a premium of $2.01 over WTI during the session.
Today morning, The world benchmark crude oil futures indexes demonstrated downward evolution as optimism for straight forward recovery in fuel demand faded that led to U.S commercial crude oil inventories to reach all time high during the week ending June 19th as per the EIA data. On the supply side, Libya's talk of exports keep weigh on oil prices. As per petro logistics, OPEC has cut oil output in June by 1.25 Mbpd from May levels. Excluding Iran, Libya and Venezuela, Which are not part of the curtailment agreement OPEC-10 supply remains about 1.55 Mbpd away from full compliance. Iran, Nigeria and Kuwait are the main countries that have lowered their supplies since May, With more limited cuts by KSA, the UAE and Angola. Turning to weekly numbers, API numbers are awaited later today. Bulls are expecting a big fall in U.S crude and gasoline inventories. Good day to all.
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