Brent and WTI live updates by Srinivas Chowdary Sunkara as on 03-08-2023
Brent Oil Oct futures are trading with a marginal change at $83.27 a barrel while WTI oil futures prices for Sep delivery unchanged at $79.56 a barrel on Thursday morning during Asian trading hours. Both the benchmarks closed lower yesterday despite of historic drop in U.S weekly stocks. Brent traded at a premium of $3.71 over WTI during yesterday's session.
On the Fundamentals front, Oil futures prices sank yesterday after trading $1 up in the early session hours buoyed up by bullish weekly numbers. EIA published a large drop of 17 Mb during last week, Driven by U.S refinery runs and boost in exports. Yesterday's drop was a spill over from fall in financial markets across after rating agency Fitch downgraded the U.S govt's top credit rating. Putting some light on technicals, KSA extension of supply cuts started erasing stocks across major economies that prompted investors for short covering in turn to build longs. I feel oil markets will continue positive momentum till strong bearish factor attack markets.
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