Crude oil price today as on 1st November, 2024.
Brent oil futures prices for Jan delivery rose 29 cents or 0.4 pct to $73.10 a barrel on London based ICE Futures Europe exchange. WTI oil Dec futures prices gained 23 cents to 0.3 pct to $69.49 a barrel on NYMEX on Friday. Both the benchmarks logged in weekly loss. Brent premium over WTI narrowed down to $3.61 a barrel during the session.
Brent and wti oil futures price indices continued to move up yesterday after rising for 3 previous sessions. Simmering ME tensions buoyed up oil prices yesterday. Expectation of delay in OPEC Dec planned increase amid sluggish oil demand outlook also lent support to oil complex. Asia continued its dominance in oil consumption as per reports. Increasing population, Fast-growing economies and rising incomes compounding oil demand in region. Turning to technicals, Portfolio managers sold out most of the petroleum oil and futures as per institutional reports. Longs continue to left both brent and wti markets with a little build in short positions. Fresh buying may expect in the next week.
