By Srinivas Chowdary Sunkara // petrobazaar // 20th April, 2023.
Brent oil June futures prices slid 37 cents or 0.4 pct to $82.76 a barrel while WTI May futures prices dipped 28 cents or 0.35% to $78.88 a barrel on Thursday. Both the benchmarks plunged around 2 pct during the previous session, Continuing bearish mood in the today's Asian markets morning trading hours. Federal Reserve report of moderate change in economic activity, Low employment growth fanned Weak sentiment in U.S financial markets that spilled over oil markets. Prevailing bearish mood supported by strong dollar shrugged off the impact of more than expected fall in U.S crude inventories. Gasoline stocks were piled up due to disappointed demand outlook. WTI may contract set to expire today. Rig numbers are awaited tomorrow. Oil markets will remain cautious and bears fest is expected.
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