Crude oil price today as on 30th October, 2024.
Brent oil futures for Dec delivery unchanged while WTI Dec oil futures prices ticked up during early Asian hours today. Both the benchmarks futures closed down yesterday after rising in the early trade. Brent current month futures are set to expire today. Brent premium over WTI narrowed down to $3.91 a barrel during the session.
Brent oil futures curve is moving flat today after slightly went down yesterday while WTI oil price curve turning up. Report of talks to end Lebanon war, Prevailed sluggish demand and over supply fears painted bearish picture in the crude markets. Though KSA feel that markets are balanced, Investors could not convience to hold the positions. Hedge managers and other money managers sold the equivalent of 30 Mb in the six important petroleum futures and options contracts over the 7 days ending on Oct, 22nd. Fund managers also preferred to sell 68Mb during the last 2 weeks. Fund managers remain bearish about crude oil price out look. Turning to weekly reports, API reported that U.S crude and products stocks fell last week. EIA will confirm later today. consensus is on build. Expected cut in Fed int rate on Nov 7th is the latest clue to boost oil prices. I see crude markets moves flat this week.
