Crude oil price today as on 13th November, 2024.
Brent oil futures for Jan delivery opened 11 cents down at $71.78 a barrel on London based ICE Futures Europe exchange while WTI oil Dec futures prices slipped 12 cents to $68 a barrel on NYMEX on Wednesday Morning during Asian hours. Both the benchmarks prices little changed yesterday, Marking 5 pct drop over the past two sessions to two week low. Brent premium over WTI widened during the session.
Crude benchmark price index curves continue to demonstrate downside momentum as negative monthly numbers compounded prevailed downside sentiment in the market. OPEC monthly oil report painted bearish picture with a cut down in demand growth forecast for 2024 and 2025, Exacerbated existing demand fears across. The report said that shrink in demand is a spill over from China’s poor macro economic performance and disappointing fiscal stimulus. IEA numbers are due on Thursday. API estimates followed by EIA confirmations are awaited. Strong dollar keep weigh on oil complex. Trouncing back Investors expectations, Europe and Asia markets are grappled with demand challenges. I expect bears fest to be continued during the week.
