By Srinivas Chowdary Sunkara // Petrobazaar // 27-4-18
Crude prices dips today after Yesterday's surge
Yesterday, Brent moved slightly up while U.S crude settled with a little gain at the end of the day. Market continued to price key supply disruption around the global markets. Oil Markets didn't respond to bearish weekly stats released a day before on concern of falling global inventories. Brent gained 6.41 percent during the month and heading for another straight weekly gain on expected U.S sanctions on Iran and on declining Venezuela's crude production.
Crude Oil prices update:
U.S crude futures (WTI) to be delivered in June posted 14 cents up with 0.21% jump at $68.19 per barrel on Nymex while Brent futures for June delivery surged by 74 cents with 1% rise to close at $74.74 per barrel on London based ICE futures Europe exchange. In Shanghai, Crude futures slid by 2.6 Yuans on INE while MCX crude futures in India were settled down by Rs.5.
Brent is heading for another weekly gain of around 1% and WTI will be posted with a weekly loss on rising crude exports. Today, Asian markets are opened down and trading with a gap of 0.3% downside at the time of reporting.
It is appearing that crude markets see sawed shining global equity markets and brightening bond market indicators. Tightening oil supplies and improving demand are the driving factors for oil prices. at large, I agree with FIS comment that the oil markets are unsettled at this moment, geopolitical tensions aside in a bullish environment. Market may prefer to book profits today before week end.
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