Crude oil price today as on 2nd October, 2024
Brent oil December futures prices rose $1 or 1.36 pct to $74.56 a barrel on London based ICE Futures Europe exchange while WTI oil Nov futures prices spiked $1.07 or 1.53 pct to $70.9 a barrel on NYMEX last night. Brent premium over WTI further widened during the session.
The world crude oil price index curves demonstrated upside momentum yesterday amid broadening Middle East conflict after Iran fired ballistic missiles at Israel. Prospectus of Supply disruptions are expected as Iran being an OPEC member is directly involved into rift that may bring U.S also into war as per analysts. U.S stocks piles data is also mixed. As per weekly report, API expect U.S and distillates stocks fell last week while gasoline stocks piled up. EIA will confirm the numbers later today. U.S jobless claims data is under watch by investors. Fed monetary stimulus is also another key factor prevailed in the market.
