Crude oil price today inched down as on 9th July, 2024. Brent oil futures for Sep delivery trading at $85.19 a barrel on London based ICE Futures Europe exchange. WTI oil August futures are moving at $81.71 a barrel on NYMEX today during Asian hours at the time of reporting. Both the benchmarks closed down yesterday.
Crude oil price index curves demonstrating downside momentum after tilted towards bullish zone. Oil prices remained supported by escalation of geo-political tensions in eastern Europe following the Russian Missile launch in Kyiv that killed at least 41 civilians. On the supply side, A significant reduction in U.S supplies also supporting oil complex this week. API numbers due later today followed by EIA confirmations. Markets are watching clue from Middle east amid possible ceasefire deal in Gaza. Traders eye on U.S inflation data.
