Brent and WTI price updates by Srinivas Chowdary Sunkara as on 15th June, 2023.
Brent oil August futures prices moved up 18 cents to $73.38 a barrel while WTI oil July futures prices turned up 17 cents to $68.44 a barrel on Thursday morning. Both the benchmarks dropped above 1 pct last night on deepening bearish sentiment by stocks build and weak Chinese numbers. Expectation of Fed move on increasing rate hikes this year fanned fears over market that compounded prevailing demand worries. European Central Bank is certain to raise borrowing costs also dimmed demand outlook. Markets are looking at monthly numbers.
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