Crude oil price today is moving steady on 20th June, 2024. Brent oil August futures prices are hovering at $85 levels on London based ICE futures Europe exchange. WTI oil July futures are trading at $81.63 a barrel on NYMEX at the time of trading today. Both the benchmark futures closed up yesterday. WTI oil July contract set to expire on Thursday and most active August futures are trading above $80 levels. Brent premium over WTI narrowed down to $3.76 a barrel during yesterday’s session.
Crude oil price index curves moving straight after markets digested supply disruptions amid escalation of geo-political tensions. Israeli forces advanced tanks into Gaza overnight that ignited political tension in the regions. On the weekly numbers front, Markets are watching EIA confirmations of U.S weekly stocks data. API expected that U.S crude stocks rose by 2.264 Mb in the week ended June 14th while gasoline stocks fell. Expectation of inventory build outweighed geopolitical stress in the middle east region. BOE kept the main interest rate unchanged at a 16 year high of 5.25% ahead of Britain’s national elections on July 4th.
