Crude oil price today as on 6th November, 2024.
Brent oil futures for Jan delivery little changed with 5 cents on downside moving at $75.48 on London based ICE Futures Europe exchange. WTI Dec futures prices moving 0.7 pct up at $72 on NYMEX during Asian trading hours on Wednesday. Both the benchmarks closed below 1 pct down yesterday. Brent premium over WTI slid to $3.54 a barrel during yesterday’s session.
Brent oil curve is moving flat while WTI curve demonstrating upside momentum today morning after flirting to bullish zone during beginning two sessions this week. Geo-politics, Election fever and supply-demand factors buoyed market sentiment. Weak dollar is lending support to oil complex. This week considered to be the busy week, Keeping traders on sidelines with low risk apatite due to U.S elections, U.S fed meet and NPC meet in China. U.S storage data is due today followed by eia confirmations. Turning to technicals, Last week’s Extreme bearishness created conditions for price surge and fund managers cover short positions to rebuild new longs on flow of any positive news in the market. Since Fundamentals outlook is weak, Any minor rally is very likely to fade.
