Crude oil price today as on 31st July, 2024
Crude oil prices rebounded today following reports that Hamas Leader Ismail Haniyeh has been assassinated in Iran. Brent oil prices for Sep delivery rose $1.35 or 1.729 pct to $79.42 a barrel on London based ICE Futures Europe exchange while WTI oil futures moving up $1.46 or 2 pct to $76.19 a barrel on NYMEX today during Asian hours at the time of reporting. Both the benchmarks lost around 1.4 pct yesterday.
Crude oil price index curves turned up after demonstrating downside momentum for last couple of session during the week. Brent Sep futures are set to expire on Wednesday. The most active Oct futures are trading up today. Markets mood changed yesterday after reports that tensions escalated in the Middle East following the news that Hamas Leader was killed in Iran. Chances are ripe for price rebound since speculative long positioning has been significantly reduced for last couple of sessions. On the supply side, producer’s JMMC online meeting is scheduled on Wednesday morning. consensus is on sticking to current deal to cut production. Turning to data side, API estimated that U.S stocks fell last week. China’s gloomy factory numbers spilled over demand fears across the market that keep cap on oil prices. EIA numbers are awaited later today.
