BRENT and WTI price updates by Srinivas Chowdary Sunkara as on 6th June, 2023.
Brent oil futures for Aug delivery trading $1.1 down to $75.61 a barrel while WTI oil July futures prices are on downside to $70.98 a barrel on Tuesday morning during Asian hours. Both the benchmarks gained yesterday after KSA said that its output would drop by 1Mbpd to 9Mbpd in July. Investors were cautious on gloomy economic outlook that will deter consumption, Started weigh on oil prices. On the other hand, Portfolio managers have become increasingly bearish despite of OPEC meet while hedge funds and money mangers continued to sell equivalent of 32 Mb in the six most important petroleum futures and options contracts over the seven days ending on May 30th. It seems oil markets are still in bearish mood as investors are gauging Fed int rates hike, China's covid numbers , China's May trade data and consumption numbers. API numbers are due later today. I see bears festival continues.
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