crude today 02-06-2023

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Brent WTI price trends by Srinivas Chowdary Sunkara as on 02-06-2023

Brent oil futures prices for August delivery trading slightly lower on Friday morning followed by a session of gains at $74.28 a barrel while  WTI oil July futures are adding gains of 76 cents to yesterday&#39s closing price of $70.1 a barrel during Asian hours today. Both the bench marks gained on positive sentiment buoyed by passing U.S debt ceiling bill in Washington. A talk of OPEC+ likely to announce another surprise cuts also supported oil complex. Weak PMI data from China weigh on oil complex while spike in U.S imports is another positive indicator from EIA data. OPEC+ ministers meet is due on June 4th. crude markets are poised to volatility on any outcome from minister&#39s meet. Rig numbers are due later today. 

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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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