crude today 10-06-2023

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Brent WTI price trends by Srinivas Chowdary Sunkara as on 10th June, 2023.

Brent oil Aug futures prices moved down $1.17 or 1.54 pct to settle at $74.70 a barrel while WTI oil July futures prices went down $1.12 or 1.57% to close at $70.17 a barrel on Friday. Both the benchmarks registered above 1 pct weekly loss for second straight week. KSA announcement of further tightening spigots, On top of agreed cuts by the group, Propped up  oil markets at the beginning of the week. The rally could not be sustained on prevailing demand worries compounded with pinching fuel demand reported by EIA. Although U.S-Iran nuclear deal talk extended some supported in the mid week, Prices pared losses after both countries denied the report. Chinese numbers also weighed on. Fed move on interest rates and monthly numbers will drive oil prices next week. On technicals, Money managers increased net length in both the benchmarks that should support oil markets next week.

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

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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