Crude oil price today as on 7th November, 2024.
Brent oil Jan futures prices inched up 11 cents or 0.14 pct to $75.03 a barrel on London based ICE futures Europe exchange. WTI oil futures prices for Dec delivery edged up 3 cents or 0.04 pct to $71.72 a barrel on NYMEX during Asian hours today morning. Both the bench marks futures closed down yesterday on compounding bearish mood with U.S election results.
crude benchmark futures curves moving flat today after tilted towards down side yesterday. Trump’s election in U.S added to downward pressure after a rally at the beginning of yesterday’s session. Investors are grappled with fears of expected Trump pressure on Iran with sanctions, May take away some of the barrels from the market. Strong greenback, Over reaction to Trump’s victory and Swelling U.S inventories exacerbated prevailing market worries. On the data side, U.S crude stocks piled up by 2.1 Mbpd to 427.7 Mb while gasoline and distillates stocks climbed last week. Turning to technicals, Fund managers may not be convinced to build long positions in the current scenario, Instead short positioning build may be seen this week. Markets are expected to settle down from U.S elections and geo-politics, Persistent trends in oil markets are likely to share the outlook.
