Crude oil price today inched down as on 5th July, 2024. Brent oil futures for Sep delivery trading at $87.31 a barrel on London based ICE Futures Europe exchange. WTI oil August futures are moving at $83.91 a barrel on NYMEX today during Asian hours at the time of reporting. Both the benchmarks set to cling fourth straight weekly gains in a row. Brent premium over WTI narrowed down during the week.
Crude oil price index curves are drifting sideways on support from fundamentals. Expectation of seasonal demand, Bullish weekly numbers and prevailing geo-political tensions are the fundamentals that lent support to oil complex this week. On the techncals side, Longs accumulating positions also supporting factor. ICE and NYMEX numbers are awaited later today. U.S unemployment data in the world’s top oil consumer disappointed the market in this week. Dip in U.S shipments to Europe, that fanned demand fears also weighed on market. Europeans bought cheaper oil from Africa that pushed down U.S exports. KSA cut the price of its flagship Arab Light Crude that sells to Asia in August to $1.8 a barrel above the Oman/Dubai average. U.S weekly oil rig numbers are due later today.
