Crude oil price today as on 1st October, 2024
Brent oil Nov futures closed down 21 cents to $71.77 a barrel on London based ICE Futures Europe exchange. WTI oil futures to be delivered in Oct fell a cent to $68.17 a barrel on NYMEX last night. The most actively traded Brent Nov futures expired yesterday. Brent traded at a premium of $3.6 over WTI during the session.
The world benchmark curves moving cautiously on upside amid fresh buying by investors as per regulator report. Oil complex posted 9 pct monthly loss in Sep after posting 17% loss for the third quarter as supply fears factor was overshadowed by demand concerns. On the Fundamentals side, Weaker China’s factory numbers and raising global oil supplies are the prevailing bearish factors while conflict in ME and Fiscal stimulus measures are the existing bullish factors in the market. Turning to technicals, Oil investors repurchasing some bearish short positions and building fresh bullish ones over the seven days ending on Sep 24th buoyed market sentiment in the early week. Weekly numbers are due later today followed by eia confirmations.
