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  • Crude oil futures stayed locked in a choppy range with Brent futures consolidating around $62-63 per barrel mark. MCX Crude oil futures saw good buying under Rs 4300 per barrel mark and moved up towards Rs 4500 per barrel before moderating. The US Energy Information Administration or EIA noted in a latest update that it expects the ongoing effects of the COVID-19 pandemic to significantly affect petroleum markets in the summer of 2021. However, markets will be less affected than they were last summer, and we expect COVID-19 impacts will diminish through 2021 as an increasing portion of the population is vaccinated against COVID-19. It expects prices and consumption of gasoline and distillate fuel to be up from last summer. The growth in refinery output and rising crude oil supply from OPEC+ and U.S. tight oil producers will put downward pressure on retail gasoline prices, despite an expected rise in gasoline demand. The price of Brent crude oil will fall from an average of $65 per barrel (b) in April to $61/b in September, averaging $64/b this summer, $28/b higher than last summer, noted the EIA.

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