By Srinivas Chowdary Sunkara // petrobazaar // 11th Sep, 2020.
Brent oil futures for Oct delivery slid 73 cents or 1.79% to $40.06 a barrel on London based ICE futures Europe exchange and U.S crude futures, WTI prices slipped 75 cents or 1.97% to $37.3 a barrel on NYMEX. In Shanghai, Crude oil main contract futures prices settled down 0.5 Yuan/bbl or 0.18% to 264 Yuan/bbl while MCX crude oil futures went down Rs.49 to Rs.2755 a barrel yesterday. Brent premium over WTI widened to $2.76 a barrel during the session.
The world crude oil price index curves continued to demonstrate downward momentum due to ongoing concerns over faltering demand across the globe buoyed by an increase in corona virus cases. Surprise rise in U.S stocks last week also pressed oil prices. Turning to weekly data, EIA reported 1.7 Mb build in U.S crude stocks. Gasoline and distillates inventories are drawn by 3 Mb and 1.7 Mb respectively. U.S crude production increased to 10Mbpd, Imports were up while exports were dipped. Refinery throughput slipped with a dip in operable capacity and utilisation. stocks at main delivery hub, Cushing went up 1.8 Mb. Traders booking tankers to store oil is the another bearish factor that was added to ongoing concerns. Oil futures are trading flat today.
Good day to all and happy week end to all.
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