Crude oil price today as on 16th November, 2024.
Brent oil futures prices for Jan delivery fell $1.52 or 2.1 pct down to $71.04 a barrel on London based ICE Futures Europe Exchange. WTI oil Dec futures prices declined $1.68 or 2.45 pct to $67.02 a barrel on NYMEX on Friday. Brent oil futures logged around 4 pct weekly down. WTI oil futures registered around 5 pct weekly loss. Brent premium over WTI widened to $4.02 a barrel during the session.
Crude benchmark price index curves demonstrated downside momentum during this week as bearish sentiment continued to dominate oil markets. Crude markets opened early week in negative mood with grim forecasts from Institutional monthly oil reports. Investors fretted about weaker demand after OPEC MOMR and IEA OMR flagged sluggish demand outlook particularly from Asia. Over supply fears also clouded tension across the market. Positive U.S product inventory data tempered some of the losses in the mid week. Speculators short covering also dented downside rally. Finally this bumpy ride ended week in loss as investors are grappled with uncertainty over fundamentals.
