By Srinivas Chowdary Sunkara // petrobazaar // 9th Feb, 2021.
Brent oil prices for April delivery jumped $1.22 or 2.06% to $60.56 a barrel on London based ICE futures Europe exchange. WTI oil March futures prices advanced $1.12 or 1.97% to close at $57.97 a barrel on NYMEX last night. In Shanghai, Crude oil main contract futures prices surged 5 Yuans or 1.37 pct to 369.3 Yuan/bbl while MCX current month futures prices soared Rs.83 to settle at Rs.4227 a barrel yesterday. Brent premium over WTI widened up $2.59 a barrel during the session.
The world crude oil price indices continued to demonstrate upside momentum yesterday on strong fundamentals across the market. Saudi's more cuts in Feb and March on the top of other member's rein in supplies along with weak dollar supported oil prices. Increase in demand due to weather and decrease in lockdowns are the other bullish factors prevailed in the market. Oil complex is drawing support from estimated to draws in stocks amid output freeze off. Technical indicators are showing that both the benchmarks are in overbought zone and traders are advised to be cautious at this point of time. API numbers are due later today. Asian markets are opened in green and trading at 13 months high but it does not demonstrate any firm trend so far.
Good day to all.
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