Crude oil price unchanged today. Brent oil futures for July delivery edged down 2 cents or 0.024 pct to $83.34 a barrel on London based ICE Futures Europe Exchange. crude oil WTI oil futures for June delivery inched down 1 cent or 0.013 pct to $79.11 a barrel on NYMEX last night. Both the benchmark futures prices rose yesterday. Brent premium over WTI up during the session.
crude oil benchmark futures price index curves moving flat today at the time of reporting, waiting for new clues in the market. Both the benchmark futures traded up yesterday on a positive sentiment buoyed up by improved signs of demand outlook in U.S and China. crude markets eyed on upcoming OPEC report and U.S inflation data. Turning to technicals, Investors sold out futures and options in oil and gas sector. geo-political factor faded away that drived speculators to wind up positions in the oil and gas futures and options. Positioning has become exceptionally bearish towards WTI with longs outnumbered shorts as per the data. Turning to data, U.S inflation data and monthly numbers are due. Weekly numbers are awaited later today.
