crude today 31-05-2023

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Brent and WTI price trends by srinivas chowdary sunkara as on 31st May 2023.

Brent Oil futures for July delivery slid 21 cents to $73.33 a barrel while WTI oil futures for July delivery inched up 4 cents to $69.5 a barrel today morning hours. Both the benchmarks prices tumbled nearly 4 pct yesterday on deepening pessimism over China&#39s commodity demand in contrast to the optimism at the beginning of the year. Traders remained cautious though positive progress on the U.S debt ceiling bill is seen. Brent July futures set to expire today. Both the crude benchmarks are set to login monthly losses. On the technicals side, Portfolio managers became slightly bearish  last week where as Hedge funds and other money managers built up positions. Product markets are seen stronger than crude markets since the tightness witnessed in the markets. Weekly numbers 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

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

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