Crude oil price today as on 30th July, 2024
Crude oil prices are going down today as bearish bells are ringing across the market. Brent oil Sep futures are trading down to $78.72 a barrel on London based ICE futures Europe exchange. WTI oil futures prices for Sep delivery declined 31 cents or 0.4 pct to $75.5 a barrel on NYMEX today during Asian hours at the time of reporting. Both the benchmarks closed down around 2 pct in previous session.
Crude oil price index curves tilting towards bearish zone amid negative sentiment buoyed up by demand fears spilled over across the market. Traders risk appetite is down on sluggish demand outlook especially from China. China’s manufacturing activity likely to shrink for the third month in July as per Reuters polls. Portfolio managers sold out majority of oil and gas futures and options last week. Longs exited both the brent and WTI markets for the week ending July 23rd. Fresh buying was seen on the early week on widening conflict in ME that is shrugged off later. API prediction of U.S weekly stock numbers are awaited followed by EIA confirmations. Both the benchmarks are set to close with monthly losses tomorrow.
