Brent WTI oil price trends by Srinivas Chowdary Sunkara as on 30th May, 2023
Brent oil prices for July delivery edged up 23 cents to $77.18 a barrel while WTI oil July futures are trading 34 cents lower to $72.33 a barrel today morning hours. Yesterday, Both the benchmarks traded up below one percent from Friday's closing levels. The U.S., The world's biggest user, debt ceiling policy spurred buying appetite towards commodities. Cautious trading amid expectation of OPEC+ leaving cutting unchanged capped gains. Analysts are in the opinion that KSA desperately need of higher oil prices above $80 to meet its massive development projects at home. No settlement yesterday due to U.S public holiday. weekly data is due.
Disclaimer: Views and opinions expressed here are personal. This commentary is for information purposes only and not an offer or a solicitation to sell or buy any physical commodities or financial instruments. The views and analysis are based on reliable public information available at the time of writing. This report and its content cannot be copied, redistributed or reproduced in part or whole without the prior written permission of petrobazaar.com