Crude oil price today as on 10th October, 2024
Brent oil Nov futures prices rose 59 cents or 0.77 pct to $77.17 a barrel on London based ICE Futures Europe exchange. WTI oil futures prices for Oct delivery going up 62 cents or 0.84 pct to $73.86 a barrel on NYMEX today at the time of reporting. Both the benchmarks closed down yesterday on bearish sentiment. Brent premium over WTI narrowed down to $3.34 a barrel during the session.
The world crude oil price index curves continued to move down after traders booked profits on Tuesday. Markets taking back some of yesterday’s losses. Fundamentally, Bearish weekly numbers continued to weigh on oil prices. EIA reported that U.S crude stocks piled up by 5.8 Mbpd to 422.7 Mbpd last week while product stocks drawn. Growing oil demand reported by EIA, US storm and geo-politics are the bullish factors prevailed in the market to support oil prices. Both the bench marks are set to close the week in losses. Monthly numbers may spur some volatility in the market. Technically, Oil shorts may settle positions at the week end.
