crude oil price today as on 25th July, 2024
Crude oil futures are trading down on 25th July, 2024 at the time of reporting. Brent oil futures for Sep delivery are trading at $81.21 per barrel after losing around 50 cents or 0.6 pct from previous session on London based ICE futures Europe exchange. WTI oil Sep futures prices are fell 53 cents or 0.683 pct to $77.06 a barrel on NYMEX today. Both the benchmarks closed up yesterday on positive weekly U.S stock numbers.
Crude oil futures curves are flirting towards down side in a bearish mood spurred by escalation of demand worries. crude futures gained in the previous session after EIA report claw back analysts expectations. As per report, U.S crude stocks fell by 3.7 Mbpd, gasoline stocks declined by 5.6Mbpd while distillates stocks dropped by 2.8Mbdp respectively during the last week. Though positive weekly numbers lent support to oil prices, Traders lost risk appetite over slowing demand from China and expected ceasefire deal in ME. If cease fire deal makes a progress, Equity markets are expected to slid and crude prices may go down to early June levels. Markets are waiting for clues on U.S interest rates which may buoyed up consumer spending appetite that in turn will boost oil prices. Profit booking is expected during the week.
