crude today 19-04-2021

Check out for Prices!

By Srinivas Chowdary Sunkara // petrobazaar // 19th April, 2021.

Brent oil futures prices for June delivery edged 17 cents or 0.25 pct lower to $66.77 a barrel on London based ICE futures Europe exchange. In U.S, WTI oil May futures prices inched 33 cents or 0.52 pct lower to settle at $63.13 a barrel on NYMEX on Friday. In Shanghai, Crude oil main contract futures prices went up 2.3Yuan or 0.554 pct to 416.9 Yuan/bbl while MCX current month crude futures prices settled Rs.28 or 0.59% lower to Rs.4721 a barrel during Friday&#39s trading session. Brent traded at a premium of $3.64 over WTI during the session.

The world crude oil price index curves are swinging up, but not in straight line. On Friday, Both the benchmarks closed lower, but logged in weekly gains last week. Explosive economic growth reports from China and U.S outweighed the growing virus numbers. Revised demand growth numbers from both the IEA and OPEC, Lent support to oil complex during the week apart from bullish weekly stock numbers. Turning to rig count, U.S drillers added another 7 oil rigs to 344 as per Baker Hughes weekly report. On the Technical side, As per ICE and CFTC data, Money managers increased their net length in Brent crude oil futures and options by 22654 contracts to 292155 and in WTI crude oil futures and options by 8274 contracts to 368921 respectively in the week ending April 13th. Analysts are in the opinion that oil prices are expected to move higher on strong economic data, Reflation trade, Geo-risks and tightening supplies. Today, Asian markets are opened in red and it doesn&#39t demonstrate any firm trend so far. 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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