crude prices on 25th April, 2023 By Srinivas Chowdary Sunkara
Brent oil futures prices for June delivery inched up 2 cents to $82.75 a barrel while WTI June oil futures prices edged up 3 cents to $78.78 a barrel on Tuesday morning hours. Both the benchmarks closed up above 1 pct yesterday on bullish sentiment buoyed up by Chinese demand outlook. Today, Traders started to weigh expected demand boost up from strong travel holiday in China against prospect of rising interest rates elsewhere. On the technicals side, Speculators got scared to short oil market after surprise cuts by producer's council. OPEC+ could keep market balanced and futures in backwardation as per analysts. API numbers are awaited later today followed by EIA confirmations tomorrow. Analysts expect that U.S oil stocks will fall during last week. I dont see volatility in the current market.
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