By Srinivas Chowdary Sunkara // petrobazaar // 17th April, 2023.
Brent oil June futures are trading 12 cents or 0.1 pct down to $86.19 a barrel while WTI oil May futures prices are down 12 cents or 0.1 pct to $82.4 a barrel on Monday. Today Asian markets opened up in early Asian trading hours, Continuing bullish mood from last week. Markets were buoyed up last week after IEA predicted 2023 demand outlook will grow by 2Mbpd while warning that OPEC+ cuts will result in oil supply deficit in second half of the year and could hurt consumers and global economy. Crude markets logged in fourth consecutive weekly gains, Supported by bullish sentiment from supply side news and positive vibes spilled over from U.S financial markets. Oil markets are looking at China's first quarter GDP data this week, Expected to be positive for commodity markets. On the Technical side, Money managers increased their net length in WTI futures and options while reducing in Brent crude futures and options that was reflected in spread ratio. I expect oil markets remain steady this week.
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