Crude oil price today as on 16th September, 2024.
Crude oil brent futures for Nov delivery rose 51 cents or 0.712 pct to $72.12 a barrel on London based ICE Futures Europe exchange. WTI oil Oct futures prices went up 62 cents or 0.903 pct to $69.27 a barrel on NYMEX today at the time of reporting. Both the benchmarks fell yesterday. Brent premium over WTI narrowed down to $2.09 a barrel during yesterday’s session.
crude price index curves are moving cautiously today on existing demand fears. Chinese economic numbers fanned demand worries across the market. U.S Fed interest rate hike is the only factor that is lending support to oil complex today. Though Fed Interest rate hike factor is already priced in, Investors are betting on 0.5bps that may dent oil demand. Supply disruptions factor keep supporting oil markets. Prevailing demand fears progressively pushing investors into bearish mood. Weekly numbers and Fed numbers may spur some volatility in the market.
