crude price trends by Srinivas Chowdary Sunkara 13-05-2023.
Brent oil futures for July delivery fell 81 cents or 1.08 pct to $74.17 a barrel while WTI oil June futures prices closed 83 cents or 1.17 pct to $70.04 a barrel on Friday. Both the benchmarks logged in another weekly loss as oil markets struggle to come out of bearish sentiment. OPEC revisiting demand outlook and U.S call for refilling SPRs failed to spark price recovery. U.S banking crisis, Mounting recessionary fears and break in China's growth numbers fanned demand woes. On the technicals side, Money managers increased their net length in WTI while reducing in Brent futures and options during the week. Longs pumped more money into WTI compared Brent. Shorts dominated in Brent compared to WTI. U.S drillers took out 2 oil rigs as per weekly data. IEA numbers may spur some volatility. Markets are very likely to be flat next week also.
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