Crude oil price today as on 21st October, 2024
Brent oil futures prices for Dec delivery inched up 15 cents or 0.205 pct to $73.21 a barrel on London based ICE futures Europe exchange. WTI oil Nov futures prices edged down 39 cents or 0.56 pct to $68.83 a barrel on NYMEX on Monday morning during Asian hours. Both the benchmarks logged in 7 pct weekly loss last week. Brent premium over WTI widened to $3.84 a barrel over WTI on Friday.
Brent futures price curves tilted towards bearish zone while WTI futures price movement added more downside pressure last week. Positive U.S economic data kept floor to oil complex . U.S weekly stock draws lent support while crude production smash weighed on during the week. Investors were grappled with demand concerns after China reported low factory numbers. Crude markets seems to be digested simmering Middle-East tensions. Both IEA and OPEC monthly reports flagged that sluggish economy is likely to curb demand in the current and next years. As per Institutional reports, Portfolio managers reduced their net length in both Brent and WTI futures and options during the week ending 15th Oct. Longs left crude while WTI shorts squared off positions. Oil markets are likely to bounce back this week with bulls likely to take lead the rally.
