crude price trends updated by srinivas chowdary 11-05-2023.
Brent oil futures for July delivery rose 53 cents to $76.94 a barrel while WTI oil June futures are trading 52 cents up to $73.08 a barrel during Asian morning trading hours on Thursday. Both the benchmarks logged in loss yesterday in a bearish mood. Today, crude curves turned up after seeing more than expected product drawings in U.S.. EIA confirmed that gasoline and distillates stocks were drawn by 3.2Mbpd and 4.2Mbpd respectively. U.S CPI data revealed that consumer prices increased in April and Fed most likely to keep interest rate higher. Analysts are in the opinion that OPEC+ latest cuts started working and the group will maintain floor for crude prices. On a surprise note, Traders are paying high premiums for more sulfurous and dense crude amid Russian sanctions and OPEC+ output curbs. Bearish sentiment continue to prevail while technicals drive the price movements.
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