crude today 31-08-2021

Check out for Prices!

By Srinivas Chowdary Sunkara // petrobazaar // 31st August, 2021.

Brent oil futures for Oct delivery rose 71 cents or 0.98 pct to settle at $73.41 a barrel on London based ICE futures Europe exchange. WTI oil Oct futures advanced 47 cents or 0.68% to close at $69.21 a barrel on NYMEX last night. In Shanghai, Crude oil main contract futures prices edged up 0.1Yuan to 438.3Yuan/bbl while MCX crude oil current month futures prices inched up Rs.6 to settle at Rs.5070 a barrel yesterday. Brent premium widened to $4.2 over WTI during the session.

The world crude oil price index curves demonstrated upside momentum as both the benchmark price rallied in the early hours of yesterday&#39s trading, Over forcing shutdowns of U.S Gulf oil production after Hurricane Ida wreaked havoc on the region. Later on prices weakened since Gulf coast platforms, refineries and pipelines grappled with uncertainty. Expectation of OPEC+ group looked set to go ahead with planned oil output increase. Now all eyes are on scheduled  JMMC and OPEC plus ministerial meeting this week. A roll over of the 400K easing plan, a few countries request for changes in base line production and Iran to discuss over return of its barrels into market. API numbers are awaited later today. Today, Asian markets opened in red, Taking back some of the yesterday&#39s profits. Markets are expected to be volatile this week. 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

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

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