Crude Oil Price today is in the green zone. On 12th June, 2024, Crude Brent oil futures prices for August delivery changed a little with 19 cents up to $82.11 a barrel on London based ICE Futures Europe exchange. The U.S crude oil WTI futures prices for July delivery edged up 28 cents or 0.359 pct to $78.18 a barrel on NYMEX during Asian hours today at the time of reporting. Brent spread to WTI widened to $4.03 a barrel during yesterday’s session.
Crude Oil Price Index curves moved flat yesterday amid bearish sentiment. Investors preferred to be in wait and see mood since crude markets are oversold. Crude prices are taking support from weekly and monthly numbers. EIA raising the global oil demand growth forecast for the year lent some support to the oil complex. OPEC monthly oil market report predicted that the world economic growth forecast for 2024 and 2025 remained unchanged for the U.S, EU and India. World oil demand growth forecast for 2024 remained unchanged at 2.2 Mb/d with minor changes. Turning to weekly reports, API predicted that U.S crude inventories were down by 2.428 Mbpd while gasoline stocks are down by 2.549Mbpd while diesel stocks are expected to be piled up by 0.972Mbpd during the last week. EIA will confirm the numbers later today. IEA monthly numbers are awaited. U.S and China to release consumer Price index numbers on Wednesday.
