Brent and WTI price trends by Srinivas Chowdary Sunkara as on 20-06-2023
Brent oil Aug futures prices are trended down 60 cents to $76.01 a barrel while WTI oil July futures prices are going down 99 cents to $70.79 a barrel today morning session. Brent futures closed down around 2 pct yesterday while WTI futures were not settled due to U.S public holiday. WTI July futures are set to expire today. Both the benchmarks are moving cautiously ahead of Chinese lending decision with expected cuts in key rates to shore up economy. On the supply side, Taps are opened by many suppliers incl OPEC members despite of efforts from KSA to rein in output to maintain prices. Turning to technical side, Funds are getting rotated from crude to products, Particularly to distillates. Both the crude and distillates are directly correlated with the business cycle, Product demand is expected to support in the event of global economic slow down. Crude is waiting for clues from weekly numbers and key rates.
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