Crude oil price today as on 9th Jan, 2025.
Brent oil March futures are trading low at $75.9 a barrel on London based ICE Futures Europe exchange while WTI oil futures prices for Feb delivery inched down 33 cents or 0.45 pct to $72.99 a barrel on NYMEX on Thursday morning during Asian hours. Both the benchmarks settled down last night. Brent premium over WTI little changed to $2.84 a barrel during the session.
Crude oil price index curves tilted towards bearish zone yesterday, clawing back earlier gains. Bearish weekly numbers and strong dollar compounded prevailing bearish sentiment across the market. Referring to EIA weekly report, U.S crude stocks fell by 959Kb while gasoline and distillates stocks piled up by 6.3Mb and 6.1Mb respectively. Trouncing analysts prediction, A Significant build in U.S product stocks fanned demand fears, weigh on oil prices. On the supply side, OPEC output fell in Dec due to maintenance, limited the downside momentum. Turning to data, Monthly numbers and institutional data awaited late week. prices are expected to be range bound.