Brent and WTI price updates by Srinivas Chowdary Sunkara as on 4-7-2023
Brent oil Aug futures are trading little high at $74.31 a barrel while WTI oil futures prices for July delivery inched up to $70.24 a barrel on Tuesday morning during Asian trading hours. Both the benchmarks closed down yesterday amid bearish sentiment buoyed up by prevailing gloomy world economic worries continued to weigh crude markets.
Fundamentally speaking, Traders are not finding any clues in the short term since extreme pessimism dripped the investors. The pessimism is driven by low consumption numbers from North America, Europe and China that may crimp fuel demand. It is yet to see how benchmark curves move on tightening spigots by KSA and Russia. Turning to technicals, Bearish positions are building up while bullish positions are becoming thin. API numbers followed by EIA confirmations are due.
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