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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