crude today 08-05-2023

Check out for Prices!

crude prices update by srinivas chowdary sunkara as on 08-05-2023.

Brent oil futures for July delivery are trading up 39 cents to $75.69 a barrel while WTI oil futures for June delivery inched up 43 cents to $71.77 a barrel on Monday morning hours trading. Both the futures prices slumped last week on recession fears. Oil prices rebounded after traders started looking into U.S strong job numbers that indicated receding U.S inflation. Weak dollar, Chinese strong numbers and expectation of OPEC+ further tightening of oil spigots are the bullish factors persisted in the markets to keep support to oil complex. Markets are waiting for U.S inflation numbers on Wednesday that may give some clue on interest rate changes. On the Technicals side, Money managers reduced their net length in both Brent and WTI futures. Dip in long only positions and up in short only positions in both the benchmarks reported last week. Markets are moving very cautiously and technicals are controlling the oil markets. 


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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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