Crude Oil Price on 29-05-2024

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Crude Oil Price today edged up on 29th May, 2024 during Asian hours. Brent oil futures are trading up 19 cents or 0.26 pct to $84 41 a barrel on London based ICE Futures Europe Exchange. WTI oil July futures prices are moving up 28 cents or 0.351 pct to $80.11 a barrel on NYMEX at the time of reporting. Both the benchmarks closed up yesterday. Brent futures are trading at a discount of $4.39 yesterday.

Crude Oil Price index curves are demonstrating upside momentum on bullish sentiment ignited by prevailing positive fundamental and technical factors. Expectation of OPEC + producers maintaining the current production cuts may lead to supply shortage lent some support. Driving season flagged lackluster demand that propped up markets. Weekly numbers are also getting watched by the markets. API is expected to announce crude stock depletion in U.S last week. On the technicals side, Longs preferred to exit the market while shorts built up positions to the week ending May 21st. Inflation data and U.S core Personal consumption expenditure price index data awaited.

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