Crude oil price today on 14th June 2024 moves down after a surge in the previous session. Brent oil futures for August delivery closed up 68 cents or below 1 pct to $82.6 a barrel on London based ICE futures Europe exchange. The U.S WTI oil July futures changed a little to closed up at $78.62 a barrel on NYMEX last night. Brent traded at a premium of $3.98 a barrel over WTI during the session.
The world oil market price index curves demonstrated upside momentum yesterday, moving towards first weekly gains after three weeks of losses. Markets assessed the impact of higher inflation rate vs strong demand estimations. In a sea-saw week, Markets closed in a bearish mood last week after OPEC+ agreement of unwinding agreement cuts after Sep that was reversed on Monday with strong demand projections. Oil markets are underpinned by stock draws and OPEC MOR of maintaining the demand growth during the current year. Turning to the IEA report, world oil demand growth continues to slow with weak OECD deliveries and a muted economy compounded with accelerating clean energy technology deployment. The report also mentioned that global oil supply rose with a surge in Brazilian ethanol output. U.S rig numbers and China’s Inventory reports are due.
