Crude oil price today as on 9th November, 2024.
Brent oil futures for Jan delivery fell $1.76 or 2.3 pct to $73.87 a barrel on London based ICE Futures Europe exchange while WTI Dec futures prices went down $1.98 or 2.7 pct to $70.35 a barrel on NYMEX last night. Both the benchmarks logged in weekly gains despite of day trading loss. Brent premium over WTI widened to $3.49 a barrel during the session.
Crude benchmark futures price index curves continued to demonstrate downside momentum on late week. crude markets opened on a positive note in the early week after OPEC confirmed production hike delay, Headed into U.S election fever. Whipped violently back with Trump’s victory following debates on likely impact of Tump-02 on oil markets. Weekly reports sent mixed signals to markets following inventory build across. Deflationary pressures on Chinese economy continued drag on oil prices. Putting some light on technicals, Speculators were the net buyers in major petroleum futures and options though post election sell off brought back into oversold territory. Monthly numbers may spur some volatility in the coming week.
