Crude oil price today as on 23rd October, 2024
Brent oil futures for December delivery inched up 31 cents or 0.4 pct on London based ICE futures Europe exchange. WTI oil Dec futures prices reduced by 66 cents or 0.9 pct to $71.43 a barrel on NYMEX during Asian morning trading hours at the time of reporting. Both the benchmarks closed up yesterday. Brent premium over WTI widened during yesterday’s session.
Brent oil price curves tilted towards downside today after demonstrating upside momentum yesterday. WTI oil price indicator continued to rise today following yesterday’s upward momentum. Crude markets downplayed geo-politics factor, Shifted focus to demand and supply factors. Markets were boosted yesterday on a positive note by Goldman Sachs that Chinese demand tracker rose by about 100,000 barres per day. Global oil stocks pointing to a supply deficit in the fourth quarter. Turning to technicals, Trim in long positions in petroleum last week by investors trigged technical profit taking on Monday with settling some short positions. Crude markets are sensitive to any sort of escalation in ME conflict that pointed to the ability of Iran’s export capacity. Putting some light on weekly data, API estimated that U.S crude stocks piled up by 1.64 Mbpd last week while product stocks fell by 3.5 Mbpd. Government report is due later today. Consensus is on build.