Crude Oil price today moves in sideways searching for new clues. Crude Brent oil prices for August delivery rose 74 cents or 1 pct to $80.36 a barrel on London based ICE Futures Europe Exchange. Crude Oil U.S Crude WTI oil futures prices for July delivery moved up 66 cents or 0.87 pct to $76.19 a barrel on NYMEX today at the time of reporting. Both the benchmarks logged in third consecutive weekly loss last week. Brent premium over WTI narrowed down to $4.09 a barrel during Friday session.
Crude Oil price index curves turned up today on benchmarks clung to some gains today. Crude Oil prices ripped higher in the early session today after deriving support from bullish sentiment buoyed up by strong demand expectations. Gains are limited by strong dollar. Markets are positioned with strong pessimism though large inventory drawings are expected over the next few weeks. Putting Some light on technicals, portfolio managers reduced net length both in most of the important petroleum futures and options. As per the data published for the week ending June 4th, Longs and shorts built up positions while Longs left wti markets with shirts remain holding the positions. Considering the numbers, Spread may widen up during This week with Brent remains strong. Weekly numbers are awaited. IEA omr and OPEC mom will provide some clues to the market.
