By Srinivas Chowdary Sunkara // petrobazaar // 18th April, 2023.
Brent oil June futures prices edged up 19 cents or 0.2 pct to $84.98 while WTI May futures prices are inched up 14cents or 0.17 pct to $81.02 a barrel on Tuesday morning. Both benchmarks fell around 2 pct in the previous session on strong dollar along with fears of rising interest rates. Oil benchmarks rebounded today during early hours of Asian markets on strong Chinese economic data underpinned demand worries. More than expected bullish Chinese numbers and in product demand during May driving season are the bullish factors while strong dollar along with bets on interest rate increases, Expected rise in U.S production are the bearish factors remain in the market. Weekly numbers are awaited. I expect choppy trading during the week.
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