Crude oil price today fell as on 4th July, 2024. Brent oil futures prices for Sep delivery inched down 48 cents or 0.55 pct to $86.86 a barrel on London based ICE futures Europe exchange. WTI oil futures prices for August delivery edged down 54 cents or 0.644 pct to $83.34 a barrel on NYMEX today morning Asian hours. Both the benchmarks closed up yesterday. Brent traded over WTI at premium during yesterday’s session.
Crude oil benchmark futures index curves demonstrated downside momentum today after gained yesterday. Both the benchmarks slid into bearish mood after weaker U.S employment and business data fanned demand fears across the markets. Lower employment demand signaled cooling demand in world’s top oil consumer. U.S shipments to Europe fell to a two-year low in June as European buyers bought cheaper regional and West African oil. Though Strong weekly numbers and supply fears out of political jitters in middle east continued to keep floor for oil complex, Physical demand seems to be softened as per markets experts. On technical side, Traders seems to be booking profits during the week. crude markets are likely to log in weekly losses.
