Crude oil price today as on 7th December, 2024.
Brent oil Feb futures prices went down 97 cents or 1.34 pct to $71.12 a barrel on London based ICE Futures Europe exchange. WTI oil Jan futures prices closed down $1.34 or 1.96 pct to $67.2 a barrel on NYMEX last night. Both benchmarks logged in weekly losses. Brent premium over WTI widened to $3.92 a barrel during Friday session.
Crude oil price index curves tilted down amid trader’s pessimistic mood. Fundamentals remain unchanged while speculators seems to left the markets. Markets opened in bullish mood early this week. Fragility in Cease fire agreement in ME and prospectus of Israel back to war was in focus on Monday. Traders shifted focus to OPEC+ meet outcome on Tuesday. The group’s decision of delayed unwinding of production cuts to April 2025 boosted oil prices while global anemic demand outlook weighed on. U.S stock piles capped the rally. U.S adding rig numbers compounded bearish mood. Weak dollar lent support during the week. Numbers from ICE and CFTC are due later today.
