By Srinivas Chowdary Sunkara // petrobazaar // 28th July, 2022.
Brent oil futures for Sep month delivery rose $2.22 or 2.13 pct to close at $106.62 a barrel on London based ICE futures Europe exchange while WTI oil Sep futures prices went up $2.28 or 2.4 pct to settle at $97.26 a barrel on NYMEX last night. In Shanghai, Crude oil main contract futures prices went down 18.6 Yuan to 659.9 Yuan/bbl where as MCX crude oil front month futures traded up Rs.156 or 2.04 pct to close at Rs.7820 a barrel yesterday. Brent traded at a premium of $9.36 over WTI yesterday.
The world crude oil price index curves turned up on U.S stock drawing reported by EIA last week as exports surged to an all-time high due to U.S crude's big discount to Brent. Weak dollar continued to support oil complex. Analysts expect that some increased risk-appetite by traders will ride oil markets for some sessions going forward. Turning to weekly reports, EIA reported that U.S crude stocks were drawn by 4.5Mbpd. Gasoline stock and distillates stocks were slipped by 3.3Mbdp and 0.8Mbpd respectively during the last week. U.S domestic production numbers were up. Exports were boosted to record high while imports were down that might have pushed stocks down. Weekly numbers and Fed numbers outweighed demand destruction concerns and Recession fears. Today, Asian markets opened in green, Adding to previous session. Rig numbers are awaited during the week.
Good day to all.
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