Brent WTI price trends by Srinivas Chowdary Sunkara as on 02-06-2023
Brent oil futures prices for August delivery trading slightly lower on Friday morning followed by a session of gains at $74.28 a barrel while WTI oil July futures are adding gains of 76 cents to yesterday's closing price of $70.1 a barrel during Asian hours today. Both the bench marks gained on positive sentiment buoyed by passing U.S debt ceiling bill in Washington. A talk of OPEC+ likely to announce another surprise cuts also supported oil complex. Weak PMI data from China weigh on oil complex while spike in U.S imports is another positive indicator from EIA data. OPEC+ ministers meet is due on June 4th. crude markets are poised to volatility on any outcome from minister's meet. Rig numbers are due later today.
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