Crude oil price today changed little as on 26th June, 2024. Brent oil futures prices for August delivery inched up 43 cents or 0.5 pct to $85.44 a barrel on London based ICE futures Europe exchange. WTI oil futures prices for August delivery edged up 47 cents or 0.581 pct to $81.3 a barrel on NYMEX today at the time of reporting. Both the benchmarks closed up yesterday. Brent traded at a premium of $4.38 over WTI during yesterday’s session.
Crude oil benchmark futures curves titled towards bullish momentum on expectation of bullish weekly numbers from EIA. Prevailing middle east tensions also keep supporting the oil complex. Strong dollar and Optimism over rate cuts capping the rally. Strength in front month futures signaling strong physical demand and August futures are expected to trade around $80. Portfolio managers and fund managers seem to be convinced with OPEC assurance of any increase of supplies are subject to market contingencies. Longs built up Brent futures while shorts kept positions in wti during the week ending June 18th. EIA numbers are awaited today followed by rig numbers during the week.
