crude prices on 27th April 2023 by srinivas chowdary sunkara
Brent oil June futures prices rose 29 cents to $77.98 a barrel while WTI oil futures for June delivery edged up 19 cents to $74.49 a barrel on Thursday morning trading hours. Both the benchmarks slumped around 4 pct yesterday as the prevailing bearish sentiment outweighed the impact of falling U.S crude stocks last week. Oil prices trying to find the flour and technical buying is the only factor, Supporting the market. John Kemp said that Oil markets absorbed surprise cuts of totaling more than 1Mbpd as traders believed that enough oil is available in the market. KSA seems to be successful on main objective of cutting shorts in the market. Futures prices are signaling weaker demand while spread indicators are on the opposite. Technicals are expecting that markets will bounce back later in 2023 as per Kemp.
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