crude today 05-05-2023

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crude prices as on 05-05-2023 by srinivas chowdary sunkara

Brent oil prices for July delivery rose 64 cents at $73.14 a barrel while WTI oil June futures prices went up 57 cents at $69.13 a barrel on Friday morning during Asian trade hours. Both the benchmarks are set to close the week with loss for third consecutive week. Prevailing bearish sentiment buoyed up by renewed fears of U.S banking fallout that compounded recession risk factor. On the other hand, China&#39s manufacturing numbers also contracted in April due to falling domestic demand that weighed on oil markets. U.S employment data is awaited later today. It seems crude markets are more focused on demand outlook than supply cuts factor. We need to look into technicals now.

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Disclaimer: Views and opinions expressed here are personal. This commentary is for information purposes only and not an offer or a solicitation to sell or buy any physical commodities or financial instruments. The views and analysis are based on reliable public information available at the time of writing. This report and its content cannot be copied, redistributed or reproduced in part or whole without the prior written permission of petrobazaar.com

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