crude prices slid on low U.S activity. 24-4-24

image shows crude price movements in world markets

Check out for Prices!

Crude – Brent oil June futures prices edged down 40 cents or 0.452 pct to $88.02 a barrel while WTI oil June futures prices dipped 50 cents or 0.58 pct to $82.87 a barrel during Wednesday session at the time of reporting. Both the benchmarks rose below 2 pct during the previous session. Brent premium widened $5.06 a barrel to WTI during the session.

Crude benchmark futures price index curves moved down today after a rally on bullish weekly data reported by API yesterday. A drop in economic activity in world’s largest oil consumer capped the rally and reversed previous session’s gains. Markets switched focus from geo-politics to financial markets. Both the stock markets and currency markets lent support to crude complex. Turning to weekly data, API reported that U.S crude stocks fell by 3.237Mbpd last week. Government department is yet to confirm the numbers. EIA data is due later today. Consensus is on piling up stocks as per analysts. EIA data may spur some volatility in the market tomorrow.

Disclaimer: Views and opinions expressed here are personal. This commentary is for information purposes only and not an offer or a solicitation to sell or buy any physical commodities or financial instruments. The views and analysis are based on reliable public information available at the time of writing. This report and its content cannot be copied, redistributed or reproduced in part or whole without the prior written permission of

Recent Posts