crude trades down today on profit taking. 19-10-2023

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Brent oil futures for Dec delivery fell $1.74 or 1.902% to $89.76 a barrel while the most active WTI Nov futures are trading $1.41 or 1.596% down to $86.91 a barrel today at the time of reporting. Both the benchmarks gained around 2 % yesterday with WTI discount over Brent narrowed down to $3.18 a barrel during the session.

The world crude oil benchmark futures taking back some of the yesterday’s gains on profit taking. Escalation of prevailing political tensions in Middle east , Supply tightening and Chinese positive economic numbers are the factors exist in the market. Turning to data side, EIA reported that U.S crude stocks fell by 4.5Mb while gasoline and distillates stocks were drawn by 2.4Mb and 3.2Mb per day last week. U.S energy numbers also added to bullish sentiment. Producer’s council, OPEC seems to be not in favour of ‘oil embargo’ proposed by Iran. Venezuela’s oil flow after U.S ease of sanctions may put some downward pressure on oil complex.

Oil markets are very likely to close with weekly gains. U.S rig numbers and technical data from ICE and CFTC is awaited.

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