Brent and WTI price updates by Srinivas Chowdary Sunkara as on 10-07-2023
Brent oil futures for August delivery edged down 5 cents to $77.97 a barrel while WTI oil futures for July delivery inched down 51 cents to $73.35 a barrel on Monday morning during Asian hours. Both the benchmarks logged in around 4 pct gains last week for the consecutive second week. Traders are moving cautiously ahead U.S CPI data and China's slew of economic data later this week. Tightening spigots by both KSA and Russia continue to support oil complex. KSA announced last week that 1Mbpd more cuts will continue in August while Russia said that instead of cutting production, Mascow will utilise its own crude for refinery throughput. On the technicals side, Net longs widened during the week ending July 3rd that is another bullish factor. Weekly data and monthly data are due this week.
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