Crude oil price today as on 9th September, 2024
Crude oil brent futures for Nov delivery rose 84 cents or 1.182 pct to $71.9 a barrel on London based ICE Futures Europe exchange. WTI oil Oct futures prices went up 86 cents or 1.271 pct to $68.53 a barrel on NYMEX today at the time of reporting. Both the benchmarks fell during last week. Brent premium over WTI narrowed down to $3.39 a barrel during yesterday’s session.
crude oil futures price index curves demonstrated upside momentum today after flirting towards down side last week. Oil complex started small recoveries from early session today on Hurricane warnings that might threaten U.S Gulf coast. Demand fears prevailed in the market. Investors could not recoup confidence over oil prices amid existing bearish sentiment in the market. Longs left the market while shorts built up positions. Net length in both the benchmarks futures and options went down as per CFTC and ICE data. API numbers are expected tomorrow followed by EIA confirmations. Weekly data may spur some volatility in the market.
