crude prices on 26th April, 2023 by Srinivas Chowdary Sunkara
Brent oil futures prices for June delivery rose 34 cents to $81.11 a barrel while WTI June futures are trading 39 cents up to $77.46 a barrel in early Asian trade on Wednesday. Both the benchmarks shed around 2 pct yesterday. Significant draws in U.S stocks as reported by a U.S trade group supported oil complex today to pare some of previous session losses. API reported that U.S crude & gasoline stocks fell by 6.2 Mbpd and 1.919Mbpd against the expected crude draws of 1.67Mbpd. Distillates stocks up. U.S government agency will confirm numbers later today. consensus is on fall. Expected interest rate increases in inflation fighting nations sparked demand worries cautioned oil traders. OPEC+ cuts along with unavailability of enough oil in the 2H23 are the bullish factors seen in the markets. Federal Bank meet is on May 2-3.Oil markets seems to be positive to bulls today.
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