Crude oil price today as on 7th August, 2024
Crude benchmarks futures prices are moving stable during Asian hours at the time of reporting. Brent oil Oct futures little changed at $76.5 on London based ICE futures Europe exchange. WTI oil futures for Sep delivery are moving at $73.19 a barrel on NYMEX. Both the benchmarks rebounded and gained yesterday after breaking a streak of three sessions of fall. Brent traded at a premiums of $3.28 over WTI yesterday.
crude oil price benchmark curves moving flat today after demonstrating upside momentum in the previous session on widening escalation of political tensions in Middle east region. Oil futures came under pressure today after API reported surprise build in U.S crude and product stocks last week. Crude stocks are build up 176000 barrels while gasoline stocks rose by 3.313Mbpd where as distillates piled up by 1.217Mbpd during the last week as per API report. EIA will confirm numbers later today. Consensus is on build. Global oil stocks depleted by 400000 bpd in the second half of 2024 as per EIA report published. Turning to fundamentals, Investors are grappled with demand fears spilled over by U.S recession, Gloomy economic outlook from Europe and Asia. Any news from Middle east region on widening conflict may spur fresh buying this week.
