Brent and WTI price trends by Srinivas Chowdary Sunkara as on 11th July, 2023.
Brent oil Aug futures prices are going up to $78.14 a barrel while WTI July futures prices edged up to $73.47 a barrel on Tuesday morning hours trade. Both the benchmarks curves are turning up today after losing around 1 pct yesterday. Brent premium over WTI widened to $4.7 a barrel during the yesterday's session.
Extending cuts of 1 Mbpd and 0.5Mbpd by both KSA and Russia to August kept floor for oil complex while prevailing demand fears across the world continued to press oil prices. Markets are waiting for significant numbers from U.S CPI and China's flew of data that will give some clue on demand outlook. Week dollar also supported oil prices. Bulls started returning to market on unilateral production cuts for another month. API numbers are due later today followed by EIA confirmations. Monthly numbers along with significant data may spur some volatility during the week.
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