Crude oil price today as on 7th October, 2024
Brent oil Dec futures prices inched down 61 cents or 0.78 pct to $77.44 a barrel on London based ICE futures Europe exchange. WTI oil Nov futures prices edged down 53 cents or 0.713 pct to $73.85 a barrel on NYMEX on Monday morning during Asian hours at the time of reporting. Last week, Both the benchmarks logged in biggest weekly gains over a year. Brent premium over WTI widened to $3.81 a barrel during Friday session.
The world benchmark price index curves demonstrated upside momentum on widening regional conflict. Oil prices traded up last week on mounting fears of supply disruptions from Iran, In case of Israel targets Tehran’s oil facilities. U.S discouraged Israel to target Iran’s oil infrastructure that capped Friday’s price rally. Turning to technicals, Investors amassed bullish long positions in Brent F&A while preferred to sell WTI long positions. Hedge funds and other money managers sold out bearish short positions in Brent while WTI short positions got accumulated over the seven days ending on October 1st. Turning back to fundamentals, Geo-politics is the biggest bullish factor prevailed in the market. Monthly numbers are due during the week. Oil prices are expected elevate during the week.
