Crude oil price today as on 8th Jan, 2025.
Brent oil March futures are trading at $77.39 a barrel on London based ICE Futures Europe exchange while WTI oil futures prices for Feb delivery are moving at $74.69 a barrel on NYMEX on Wednesday morning during Asian hours. Both the benchmarks closed around 1 percent up last night. Brent premium over WTI widened to $2.8 a barrel during the session.
Crude oil benchmark price index curves turned up after sharp rebound in oil prices yesterday. Supply disruptions because of U.S sanctions, Boost in Chinese demand triggered by stimulus plans and Tight physical markets are the fundamentals factors looked into. Turning to technicals, Markets are over bought and sellers are waiting to take the advantage. Traders are singing bearish tunes. On the data side, Weekly numbers are awaited later today. Numbers may spur some volatility ahead of holiday season. Portfolio managers widened their net length in WTI F&O till Dec 31st. Longs increased positions while shorts left the market as per CFTC data released yesterday. crude markets are expected to be range bound this week.
