crude prices fell today. 23-02-2024

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crude brent oil futures for April delivery inched down 4 cents to $83.47 a barrel while WTI oil April futures edged down 43 cents to $78.18 a barrel on Friday morning during Asian hours at the time of reporting. Both the benchmark futures traded up yesterday. Brent traded at a premium of $5.06 a barrel over WTI during the session.

crude benchmark indices curves bending down slightly today in a bearish mood. Crude benchmark futures closed up yesterday, buoyed up by escalation of geo-political tensions in red-sea waters that spur supply fears. Expected delay in Fed interest rate cuts fueled prevailing bearish sentiment in the market. U.S Fed governor said that there is no hurry to cut interest rate cuts. Fundamentally, High interest rates makes oil costly that in turn weigh on oil demand. crude markets are heading towards weekly gains. ICE and CFTC data on futures and options positions is awaited today.

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