Crude oil price today as on 9th August, 2024
Crude futures prices are moving steadily today. Brent oil Oct futures are Moving at $79.17 a barrel On London based ICE Futures Europe Exchange. WTI oil futures for Sep delivery are at $76.26 a barrel on NYMEX. Both the benchmarks closed down yesterday on bullish sentiment buoyed Up by positive weekly stock numbers and widening conflict in Middle East. Brent traded at a premium of $2.97 a barrel over WTI in the last session.
Crude benchmark futures price indicators are moving steadily after demonstrating upside momentum in the previous session. Investors focus shifted back to widening conflict in the Middle East region. Improving U.S employnent numbers lent support to crude complex. Turning to technicals, Portfolio managers and Fund Managers left majority of petroleum fututies and options During the period ending July 30th. Investors reacted negatively to OPEC decision of unwinding group members production cuts. Gloomy economic outlook from Asia, Europe and U.S also triggered investors to windout positions. Crude futures set to login with weekly gains.
