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's 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.
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