crude prices pulled back today. 28-02-2024

graph showing brent wti price movements 28-02-2024

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crude Brent oil futures prices for April delivery edge down 33 cents to $83.32 a barrel while WTI oil futures to be delivered in April are trading down 28 cents to $78.59 a barrel on Wednesday morning during Asian hours. Crude markets closed above 1 percent up yesterday. Brent premium over WTI narrowed down to $4.78 a barrel during the session.

crude index curves tilted down today after an upside momentum yesterday. Suppliers group considering further cuts in the second quarter keep oil prices in bullish rally yesterday. Bearish weekly numbers from API keep lid on rally. Presuming delay in U.S fed interest rate cuts factor also continue to prevail in the market. Turning to weekly numbers, API predicted that U.S commercial crude inventories ballooned up by 8.42 Mbpd in the week ended Feb 23rd. Product numbers supported oil complex. Gasoline stocks fell by 3.27Mbpd while Distillates stocks are drawn by 523000 barrels as per API report published. EIA will confirm the numbers later today. Consensus is on build in crude stocks. Piling up stocks is the factor that promoted traders to book profits yesterday. Brent April contract set to expire tomorrow.

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