Crude oil price today as on 1st August, 2024
Crude oil benchmark futures added gains today. Brent oil Oct futures gained 56 cents or 0.7 pct to $81.4 a barrel on London based ICE futures Europe exchange. WTI oil futures for Sep delivery rose 61 cents or 0.8 pct to $78.52 on NYMEX today during Asian hours at the time of reporting. Both the benchmarks closed up yesterday. Brent premium over WTI narrowed down to $2.81 a barrel during yesterday’s session.
Crude oil benchmark futures curves are going up following the reports of killing of Hamas leader, Ismail Haniyeh. The killing fuelled concerns over widening prevailing rift in Middle East. Turning to reports, EIA reported that U.S commercial crude oil stocks fell by 2.8 Mbpd while gasoline stocks are drawn by 3.7 Mbpd where as distillates stocks went up by 1.5 Mbpd during the last week. Ramp up exports with decreasing imports dried U.S stocks. U.S domestic production numbers are unchanged during the last week. Weaking dollar index also compounded existing bullish sentiment in the market. Slowing factory manufacturing numbers from China spilled over demand fears across the market, Keep weigh on oil complex. Speculative longs build is possible this week.
