Crude oil price today as on 15th November, 2024.
Brent oil futures prices for Jan delivery inched 15 cents or 0.2 pct down to $72.41 a barrel on London based ICE Futures Europe Exchange while WTI oil Dec futures prices are moving flat at $68.61 a barrel on NYMEX on Friday morning during Asian hours. Both the benchmarks settled little higher in choppy trading yesterday after briefly dipped into negative territory during yesterday’s session.
Crude oil price benchmark indices turned up yesterday after traders shifted focus to bullish weekly stock nos. Confounding Analysts expectation, U.S government agency reported a steep draw in U.S product inventories. Gasoline stocks fell 4.4 Mbpd while Distillates fell 1.4Mbpd during last week. Turning to monthly reports, IEA said that global oil supplies will exceed demand in 2025 despite of OPEC tightening spigots. U.S and other non-OPEC producers expected to ramp up production that will outpace sluggish demand. The paris agency raised 2024 demand forecast by 60kb to 920Kbpd and left its 2025 oil demand growth forecast little changed at 990kbpd.
Narrowing the backwardation of front month WTI contract to later month indicates easing of tight supply perception. Strong greenback continue to weigh on oil complex. Crude markets set to close this week in losses.
