crude Brent oil futures for May delivery prices are going down to $85.73 a barrel while most active June delivery contract futures are trading up today. WTI oil May futures prices are inched up 38 cents to $81.73 a barrel today. Both the benchmarks clawed back some of the previous sessions losses. Both the current month futures closed up yesterday.
crude benchmark price index curves slanted up after two sessions of flirting down. On the fundamentals side, lesser than expected stock draws in U.S kept floor for oil prices today. crude stocks are built up by 3.9Mbpd while gasoline stocks went up by 1.3Mbpd where as distillates stocks are down by 1.2Mbpd last week. Imports are increased while exports are reduced during the week as per eia report. On the technical side, Markets witnessed buying mood today. profit booking is expected at the end of the week. crude markets are set to close with weekly gains and monthly gains.
