Crude oil price today as on 14th November, 2024.
Brent oil Jan futures prices fell 55 cents to $71.73 a barrel on London based ICE Futures Europe Exchange while WTI oil futures prices for Dec futures dipped 25 cents to $68.18 a barrel on NYMEX on Thursday morning during Asian hours. Both the benchmarks prices recouped yesterday to close up below 1 percent. Brent premium over WTI widened further to $3.85 a barrel during the session.
Crude oil benchmark futures price index curves rebounded after declining to two week’s low on Tuesday following the producer group’s fourth straight downward demand revision for 2024. oil prices bounce back on Wednesday could be attributed to speculator’s short covering. While markets digesting OPEC’s bearish nos, IEA said that U.S and global oil production are set to rise to slightly larger record highs this year than prior forecasts. IEA is expected to forecast much lower demand forecast than OPEC. Strong greenback keep weigh on oil complex. Turning to weekly Nos, API estimated that U.S crude stocks fell by 777kb last week. EIA will confirm numbers later today. Consensus is on stock build. crude markets set to close this week with loss. Bears continue to lead market this week.
