By Srinivas Chowdary Sunkara // petrobazaar // 10th June 2020.
Yesterday, Brent oil futures prices for August delivery rose 38 cents or 0.93% to close at $41.18 on London based ICE futures Europe exchange. WTI oil futures to be delivered in June rose 75 cents to settle at $38.94 a barrel on NYMEX yesterday. In Shanghai, Crude oil main contract futures dropped by 2.4 Yuan or 0.75% at 316.4 Yuan/barrel. MCX crude oil June futures traded insignificantly to close with a narrow up at Rs.2890 a barrel. Brent premium over WTI narrowed down to $2.24 a barrel during the yesterday's session.
Today Morning, The world crude oil price indexes are under downward pressure over the bearish API numbers released yesterday. Asian markets are opened down after API numbers trounced analysts expectations of weekly numbers, that showed a build due to elevated imports and a big drop in U.S crude exports. The data showed 8.42 MM and 4.271MM build in U.S crude and distillates stocks respectively during the last week while gasoline stocks were reportedly drawn by 2.285MM where as cushing stocks are down by 2.913 MM. EIA will confirm the numbers later today. Both the benchmark futures prices demonstrated irregular changes yesterday since Libya's production news weighed on while Analysts expectation of drawings in U.S crude and product stocks. Let us wait for U.S government data why may spur some volatility.
Good day to all.
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