Brent and WTI price updates by Srinivas Chowdary Sunkara as on 15th July, 2023.
Brent oil futures Sep futures prices went down $1.49 a barrel to $79.87 a barrel while WTI oil Aug futures prices slipped $1.47 a barrel to $75.42 on Friday. Both the benchmarks logged in weekly gains for the third straight week. Brent premium over WTI inched down to $4.45 a barrel during the session.
Oil futures indexes demonstrated down side momentum on strong dollar and demand concerns coming back along with traders profit booking. Halted rally. This week rally was data driven along with mixed fundamentals. On the technicals, Port folio managers and Fund managers started building long positions along with reducing short positions that helped the rally. Investors seems to be convinced with extension of production cuts in the coming month that may take back accumulated inventories in the major economies. Supply disruptions and U.S filling up strategic reserves are the bullish factors in the coming week.
Disclaimer: Views and opinions expressed here are personal. This commentary is for information purposes only and not an offer or a solicitation to sell or buy any physical commodities or financial instruments. The views and analysis are based on reliable public information available at the time of writing. This report and its content cannot be copied, redistributed or reproduced in part or whole without the prior written permission of petrobazaar.com
