Crude oil price today as on 17th October, 2024
Brent oil futures for Dec delivery changed a little at $74.07 a barrel on London based ICE futures Europe exchange while WTI oil Nov futures prices moved little up at $70.76 a barrel on NYMEX on Thursday Morning during Asian hours. Both the benchmarks added losses for the second straight session yesterday. Brent premium widened to WTI during the session.
Crude oil benchmark price indices moving flat at the time of reporting today. Monthly numbers fanned demand fears across the market that shifted focus from regional tensions to demand fundamentals. Both IEA and OPEC trimmed oil demand for the current year. China’s fiscal stimulus could not help to boost oil demand. Positive economic news from U.S and Europe lent some support to oil complex that limited oil price rally on Wednesday. Weekly numbers delayed by one day in U.S. Turning to technicals, Fund managers anticipated Israel’s retaliation could disrupt oil supply from Iran. Most of the fresh buying came from repurchasing previous bearish short positions rather than initiating new bullish long ones.
