Brent and WTI price updates by Srinivas Chowdary Sunkara as on 26th July, 2023.
Brent oil Sep futures prices inched down 47 cents to $83.17 a barrel while WTI oil Sep futures are trading down 46 cents $79.17 a barrel on Wednesday morning during Asian hours. Both the benchmarks closed up around one percent yesterday during bull rally. Brent premium over WTI remained at $4 during yesterday's session.
Today, Rally is halted due to bearish sentiment buoyed up by bearish weekly numbers after API published that U.S stocks piled up during last week. Bearish talk of increase in Fed interest rates also fanned worries across the market. EIA confirmations are awaited later today. Consensus is on fall. Beijing pledges towards policies to boost consumption needs to come in the form of policies that is supporting oil complex. Expectation of KSA rolling over cuts is also seen as bullish factor in the market.
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