Crude prices inched down – 04-10-2023

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Brent oil Dec futures are trading at $90.88 while WTI oil futures for Nov delivery is moving at $89.15 during Asian hours on Wednesday morning. Both the benchmarks settled up yesterday with a little change. Brent premium narrowed down to WTI at $1.69 a barrel during earlier session. Fears of expected high interest rates outweighed prevailing supply tightening factor. Markets are more focused on scheduled OPEC+ meet. On the weekly data side, API estimated 4.2 Mbpd crude drawings during the last week. EIA will confirm the numbers later today. Consensus is on 500000 barrels draw in crude stocks. KSA is expected to raise its Nov OSP of Arab Light Crude to Asia for the straight fifth month. Investors remain cautious this week.

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