Brent WTI price trends by Srinivas Chowdary Sunkara as on 13th June, 2023.
Brent oil futures prices for Aug delivery rose 78 cents to $72.62 a barrel while WTI July oil futures prices edged up 56 cents to $67.68 a barrel on Tuesday morning during Asian hours. Both the benchmarks prices slumped around 4 pct yesterday after heavy sell off in a bearish mood buoyed up by rising global supply concerns amid expectation on Fed move on interest rate hikes. On the technicals side, Investors ignored KSA's unilateral crude production cut of 1 Mbpd for July month. Compounding worries over faltering rebound in China consumption along with gloomy economic outlook, Cautioned oil markets. Monthly numbers are awaited later today. API numbers are due today followed by EIA confirmations tomorrow.
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