Brent and WTI price trends by Srinivas Chowdary Sunkara as on 20-07-2023.
Brent oil futures for Sep delivery trading at $79.47 a barrel while WTI Aug futures prices moving steady at $75.36 a barrel on Thursday morning during Asian trading hours. Both the benchmarks closed lower yesterday, Taking back some of the previous session profits. Brent premium to WTI widened to $4.11 during the session.
Dollar bounced after sentiment boosted by U.K inflation falling more than expected, Seen as a bearish factor fundamentally. Weekly numbers also weighed on oil complex as U.S crude stocks fell less than expected by analysts. On the other hand, Traders seem to be moving cautiously and trying to book profits. Rig numbers are awaited later today. Markets are weighing on China's steps to boost economy that will drive oil consumption. WTI Aug contract set to expire today. I don't see any strong bullish indicators in the market.
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