crude continue to add gains today. 26-3-2024.

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crude brent oil april futures are trading at $86.74 a barrel while wti oil Futures for April delivery are moving at $81.98 a barrel today morning during Asian trading hours. Both the benchmarks added below 2 percent yesterday buoyed up by prevailing bullish sentiment. Brent traded at a premium of $4.8 over wti during yesterday’s session.

crude benchmarks futures curves continue to demonstrate upside momentum amid supply shortage talk across the market. On the fundamentals side, Russia constrain limit production to 9mbpd to adhere agreed opec+ production cuts, tightening the fuels market that inturn boosting demand for available crude stocks in the markets. Geo-political tensions continue to prevail in the market lending support to crude complex. Technicals compounded the existing bullish sentiment in the market as fund managers opted to increase positions last week in both benchmarks. Return of bulls into market keep the market up. Weekly numbers are awaited. I expect profit booking at the end of the week. Traders need to be cautious to take calls.

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