Crude oil price today as on 14th August, 2024
Crude oil futures prices are moving up on Wednesday Morning hours. Brent oil futures for Oct delivery rose 49 cents or 0.60 pct to $81.18 a barrel on London based ICE futures Europe exchange. WTI Sep futures prices went up 53 cents or 0.67 pct to $78.88 a barrel on NYMEX at the time of reporting. Brent traded at a premium of $2.34 a barrel over WTI at the time of reporting.
Crude oil benchmark futures price indicators turned up today on positive sentiment ignited by falling U.S inventory reports. API reported that US crude stocks declined by 5.21 Mbpd while gasoline inventories are drawn by 3.69Mbpd where as distillates rose by 612kbpd respectively. EIA will confirm numbers later today. consensus is on drawings. Turning to Monthly data, Oil reports fanned demand concerns over sluggish economies siting China. IEA OMR cut down global oil demand growth for the year 2025 while unchanged for the current year. OPEC MOMR cut back the same for both the current year and for the year 2025. On the supply side, Widening conflict in Middle east keep lending support to oil complex. Investors are closely watching developments since any attacks on Iranian oil and gas infrastructure may threaten oil supply apart from delayed oil through key choke points in the Middle East. Speculative buying seems to build positions during the week.
