Crude Today 04-09-2023

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oil markets demonstrating upside momentum

Brent oil Nov futures are trading 4 cents down to $88.49a a barrel while WTI Oct futures are dipped 2 cents to $85.53 a barrel on Monday morning during Asian hours. Both the benchmarks demonstrated bullish momentum duing the last week on extension of 1 Mbpd production cuts in the month of Oct with Russia’s support of partly extension. Strong PMI data from China and positive payroll numbers from U.S adding to prevailed bullish momentum. On the technicals side, wLongs reduced positions in Brent while shorts accumulated while Bulls bought long positions in WTI that is showing mixed signals to the market. Production cuts decision and weekly numbers are the clues during the week.

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