Crude oil price today as on 8th November, 2024.
Brent oil Jan futures prices inched down 9 cents to $75.17 a barrel on London based ICE futures Europe exchange today morning. WTI oil futures prices for Dec delivery edged up 53 cents or 0.73 pct to $72.22 a barrel on NYMEX on Friday morning during Asia hours. Both the benchmarks settled nearly 1 pct up last night. Brent premium over WTI narrowed down to $3.23 a barrel in previous session.
crude oil benchmark futures curves moving flat at the time of reporting on Friday after paring nearly 1 pct of Wednesday session losses. crude markets digested U.S election results after falling for nearly 3 pct during the week. Expected trump’s ramping up harder sanctions on Iranaian oil and Venezuela oil that will take out significant nos of supplies from market sagged oil prices up. Cutting supplies from U.S Gulf Coast lent support to U.S crude futures. Oil futures derived support from cut in U.S fed reserve rate that will reduce the cost of oil. Strong dollar and lower Chinese imports keep lid on oil price. crude price set to login weekly gains. Rig numbers are awaited. Technical data from Institutions is due later today. Monthly numbers may spur volatility in the early next week.
