Quote on Oil by Mr. Pranav Mer, Vice President, EBG - Commodity & Currency Research, JM Financial Services Ltd

2024-06-05 03:09:17 pm | Source: JM Financial Services

Quote on Oil by Mr. Pranav Mer, Vice President, EBG - Commodity & Currency Research, JM Financial Services Ltd

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Below the Quote on Oil by Mr. Pranav Mer, Vice President, EBG - Commodity & Currency Research, JM Financial Services Ltd

"Oil prices are down below $73 for WTI and below $77 for Brent crude, weighed by expectation that oil market may move into supply-surplus towards the end of the year after OPEC+ decision to phase out additional output cuts by September, near-record U.S. oil output and rising inventories globally amid weaker demand. In the session ahead, focus will be on the U.S. weekly inventory data from EIA, which may give some clues on the demand front in the current summer driving season.Technically, trend remains down till below 6180, downside prices may test 6060/ 5980 levels."

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Quote on Oil by Mr. Pranav Mer, Vice President, EBG - Commodity & Currency Research, JM Financial Services Ltd

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