crude prices little changed today. 16-01-2024.

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crude brent Futures prices inched down 15 cents to $78.14 a barrel while wti Futures for Feb delivery edged down 24 cents to $72.44 a barrel on Tuesday morning during Asian hours. Crude markets settled down yesterday after observing more ships diversion in the red sea.

Crude benchmark index curves not moved amid cautious trading yesterday. Supply tensions remain existed in the crude markets after seeing more vessels steering clear of the southern red sea. Yemen’s houthi rebels are expected to expand it’s target including U.S vessels that escalated existing supply tensions in the market. Strong dollar keep weigh on crude complex. Oil prices rose last week on Supply fears factor.

money managers and portfolio managers increased their net length in major crude Futures and options. Longs widened their positions while shorts reduced. Bulls fest may be seen in the market this week. Weekly numbers and monthly numbers are awaited.

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