By Srinivas Chowdary Sunkara // petrobazaar // 19th April, 2023.
Brent oil futures prices for June delivery shed 26 cents or 0.3 pct to $84.51 a barrel while WTI oil May futures prices slipped 25 cents or 0.3% to $80.61 a barrel on Wednesday morning. Weekly numbers lifted oil prices during early Asian hours this morning. Markets are seen impatient to see the impact of strong Chinese numbers since analysts are in the opinion that 4.5 pct GDP growth in the first quarter was propped up by retail sector, not by industrial numbers. Widening chances of Fed rising interest rates that will dampen oil demand is the significant bearish factor while weekly numbers and Chinese numbers are supporting oil complex. API reported that U.S crude, Gasoline and Distillates stocks fell by 2.675 Mbpd, 1.017Mbpd and 1.9Mbpd respectively. EIA will confirm later today while consensus is on downside. Little moves are expected in oil prices.
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
