By Srinivas Chowdary Sunkara // petrobazaar // 22nd Dec 2020.
Brent oil futures prices for Feb settlement fell $1.35 or 2.58% to $50.91 a barrel on London based ICE futures Europe exchange. U.S crude futures, WTI oil prices closed down $1.36 or 2.77% on NYMEX last night. In Shanghai, crude oil main contract futures prices went down 6.6 Yuan/bbl to 308.8Yuan/bbl while MCX crude oil current month contract futures prices dipped Rs.68 to Rs.3528 yesterday. Brent premium over WTI widened to $3.17 a barrel during the session.
The world crude oil prices indexes demonstrated downward momentum over the reports of fast spreading new corona virus strain that has shut down most of Britain led to higher restrictions sparked worries over oil demand. Both the benchmarks tumbled 3% during the yesterday's early session. On the supply side, Russia said that new strain had an impact on oil prices and oil prices are recovering slowly than previously expected. US lawmakers agreed for $900 stimulus package over the week end but that was already baked in by Friday. Both the benchmark futures are on a slippery slope early Tue in Asia. API numbers are awaited later today. I see bear festival in the market today. Good day to all.
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