By Srinivas Chowdary Sunkara // petrobazaar // 14th April, 2023.
Brent June futures prices rose 25 cents or 0.29 pct to $86.34 a barrel while WTI futures for May delivery trading 29 cents or 0.353% up to $82.45 a barrel in early Asian trade on Friday after above 1% drop in the previous session. Brent premium over WTI narrowed down to $3.93 a barrel. Since Russian production was reported slowed down due to curtail of 700kb/d., Markets started weighing supply conditions ahead of IEA demand numbers. OPEC monthly report indicated downside risk in summer demand outlook. China's trade data showed jump in crude imports, buoyed up positive sentiment in the market. Oil futures are trended to login weekly gains for fourth consecutive week. IEA numbers and rig numbers may spur some volatility in the market today. Recession worries, Gloomy demand outlook amid weakening financial markets are the bearish factors lingering around.
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