Crude oil price today as on 7th Jan, 2025.
Brent oil March futures prices inched down 66 cents or 0.865 pct to $75.64 a barrel on London based ICE Futures Europe exchange. The U.S crude oil benchmark, WTI futures for Feb delivery are trading down 0.2 pct from last session closing on Tuesday morning during Asian hours. Both the benchmarks closed below one percent down last night. Brent traded at a premium of $2.74 over WTI during last session.
Crude oil benchmark price index curves turned down after demonstrating upside momentum last week. Both the benchmarks rallied up last week, logged in weekly gains. Downside rally is attributed as more or technical correction rather than fundamentals. Traders seems to became cautious over soft economic data from U.S and Germany. Turning to ICE weekly data, Longs piled up positions in Brent F&O while portfolio managers increased their net length till Dec 31st. Shorts preferred to sell-off. Dollar strength is catching up with bullish sentiment that Keep weigh on oil complex. Analysts are in the opinion that Though physical markets are getting tightened, Rising demand from non-OPEC countries are expected to keep markets well supplied through 2025. Weekly numbers are awaited. Monthly numbers may spur some volatility at the end of the week.
