crude price down 5% . 7-12-2023

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crude Brent Feb futures prices inched up 40 cents to $74.7 a barrel while crude WTI Jan futures prices are edged up 40 cents to $69.78 a barrel on Thursday morning Asian hours at the time of reporting. Both the benchmarks lost around 4% yesterday with Brent premium widened to $4.92 a barrel during the session.

crude world wide benchmarks curves continue to demonstrate downside momentum after losing 5% since beginning of the week. On supply side, OPEC+ announcement of deepening cuts to 2.2 Mbpd for the 4 th quarter did not keep floor for oil prices instead weighed on due to uncertainity on implementation. Turning to weekly data, Though falling 4.6Mbpd crude stocks in U.S announced by EIA surprised market, Piling up of 5.4Mbpd gasoline stocks weighed on oil complex. Strong dollar also another bearish factor to oil prices.

Markets are more focussed on demand side news rather than supply side information. Mr.Putin’s visit to UAE and KSA may give some clues to the market. Rig numbers are awaited. Markets are set to log in biggest weekly loss.

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