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.
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