Crude oil price today as on 29th July, 2024
Crude oil prices moving stable after turning up today morning. Brent oil futures prices for Sep delivery moving at $80 a barrel after a dip of 0.34 pct on London based ICE Futures Europe exchange today. WTI oil Sep futures prices are at $76.84 a barrel after losing 0.4 pct from morning levels on NYMEX. Both the benchmarks closed down last week. Brent logged in 1.8 pct weekly loss while WTI registered 3.7% loss on Friday.
Crude oil price index curves turned down after demonstrating little upside momentum today morning during Asian hours. Widening conflict in Middle East put a floor under last week’s price losses. Investors seems to have started fresh buying on escalation of Middle East tensions after a rocket strike in the Israeli occupied Golan Heights yesterday. Worries over geo-political tensions seems to have prompted fresh buying in the crude markets. Ongoing concerns over dampening demand and gloomy economic outlook keep prevail in the market that is cap upside rally. Portfolio managers booked profits last week. Investors preferred to sell positions in most of the oil and gas futures and options due to bearish sentiment continue to weigh on oil prices. API weekly numbers are due on Tuesday followed by EIA conformations. crude markets are expected to be range bound during the week due to lack of clues.
