:: Market News --- ID :: 19953
crude today // 28-02-2023
looks set for strong week

By Srinivas Chowdary Sunkara // petrobazaar // 28th Feb, 2023.

Brent oil futures for April delivery slid 71 cents or 0.85 pct to close at $82.45 a barrel on London based ICE futures Europe exchange while WTI U.S crude oil futures for April delivery dipped 64 cents or 0.84 pct to close at $75.68 a barrel on NYMEX last night. In Shanghai, Crude oil main contract futures prices were down by 90 Yuan to 547.9 Yuan a barrel where as in India, MCX crude oil front month futures prices traded Rs.90 down to Rs.6245 a barrel during the session.

The world crude oil price index curves turned down after a marginal change during the last week. Both the benchmarks traded  down along with financial markets as the strong economic data braced investors braced for another interest rate increase to fight inflation that would have adverse affect on crude markets. On the other hand, cold weather conditions, China economy opening and geopolitical risks to supplies continued to support oil complex that set to trade high during the week. Bullish talk also might support positive sentiment in the market. Today, Asian markets are trading mix at the time of reporting. On the data side, API numbers followed by EIA numbers are awaited. 

Good day to all

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