crude price trends by srinivas chowdary sunkara as on 10-05-2023.
Brent oil July futures are trading down 59 cents to $76.85 a barrel while WTI oil futures prices for June delivery moving 56 cents down to $73.15 a barrel on Wednesday morning Asian hours. Both the benchmarks settled up marginally yesterday. U.S industry data showed drop in U.S stocks, fueling demand worries. U.S crude and gasoline inventories built up by 3.6Mbpd and 399Kbpd respectively last week, defying analysts expectation of 900000 barrels drawdown. U.S govt agency will confirm numbers later today. Markets are waiting for U.S CPI data that may give clues on Fed move on interest rates. India, The world's third largest consumer reported that fuels consumption went up in April compared to March that signs healthy economic outlook. Implementation of OPEC+ cuts move will claw back physical stocks that may weigh on current month futures. Weekly numbers may spur some volatility today.
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