Crude markets are waiting for clues. 17-10-2023

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Brent oil futures prices for Dec delivery up 23 cents or 0.257 % to $89.88 a barrel while WTI oil Nov futures are trading 17 cents or 0.196 % down to $86.83 a barrel on Tuesday morning during Asian hours. Both the benchmarks settled down in above 1% in the last session. Brent premium over WTI widened to $4.59 a barrel during the session.

The crude benchmarks are moving steadily today amid expectations that U.S. would ease sanctions on Venezuela and Washington would step up to prevent escalation of the Middle East war tensions. The prevailing Geo-political risk factor remains supporting bullish sentiment But the evaporation of the ‘OPEC supply tightening factor’ in the market drove the investors to opt for short selling after building positions built up recently. Weekly numbers awaited. API estimates will come out later today followed by EIA confirmations.

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