Crude oil price today as on 17th December, 2024.
Brent oil Feb futures prices moved up 0.1 pct at $73.83 a barrel on London based ICE Europe exchange on Tuesday morning. WTI oil futures prices for Jan delivery opened up 0.07 pct at $70.21 a barrel today early Asian hours. Both the benchmarks closed below 1 pct down last night. Brent premium over WTI narrowed down to $3.2 during the session.
Crude oil benchmark futures price index curves turned down after moving up to multi week high last week. Chinese retail sales data fanned bearish flag after showing lower than expected spending depsite of ramping up stimulus. U.S tariffs under trump-2 administration weighed on china economy. Chinese numbers influenced OPEC decision to defer higher output plans until April. Traders are looking at Fed interest revision meet scheduled on 17th and 18th. Strong U.S greenback also pressed oil complex. U.S crude and distllates are expected to pile up last week as per analysts. Turning to technicals, Traders preferred to book little profits after boosting oil prices last week. Speculators widened net length marginally last week on tightening invenstories signals.
