crude today 09-05-2023

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crude price updates by srinivas chowdary sunkara as on 09-05-2023.

Brent oil July futures are trading down 31 cents to $76.7 a barrel while WTI oil futures prices for June delivery changed a little on down side on Tuesday morning during early Asian trading hours. Both the benchmarks logged in more than 2 pct gains yesterday. Crude prices slumped last week on bearish sentiment buoyed up by recession fears followed by a rebound on Friday and Monday sessions after seeing positive payroll data from U.S.. On the technicals side, It is clearly visible that oil markets are over sold with exit of longs. Traders are extremely cautious ahead of U.S inflation data that will indicate Fed move on interest rates. API numbers are awaited later today followed by U.S govt agency confirmations. On the supply side, OPEC+ recent cuts will be implemented from this month. Markets are very likely move flat.

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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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