crude oil price today as on 17th July, 2024
Crude oil price futures are trading low today as on 17th July, 2024. Brent oil Sep futures are trading at $83.66 a barrel on London based ICE Futures Europe Exchange. WTI oil August futures are trading 9 cents low at $80.67 a barrel on NYMEX at the time of reporting during Asian hours. Both the benchmarks closed down during last session.
Crude oil futures price curves are demonstrating downside momentum amid bearish sentiment rings are ringing across the market. Anemic demand growth numbers from China shrugged off declining U.S stocks news. Strong dollar weigh on oil prices. Strengthening dollar always makes oil costly. Turning to weekly numbers, API reported that U.S crude oil stocks fell by 4.4 Mbpd for the week ending July 12th. EIA will confirm numbers later today. Consensus is on stock draws. On the supply side, Prevailing Geo-political risk factor keep continuing to support oil complex. U.S positive retail sales numbers, Low inflation and expected FED lowing interest rates are the positive factors that prevailed in the market. Putting some light on technicals, Traders seems to prefer profit booking this week.
