Current Crude Oil Price Mixed in Calm Trading

Current crude oil prices remained stable amid low-volume trade as investors weighed positive economic figures against weak global demand forecast and Middle Eastern unrest.

On the NYMEX, the crude price per barrel of West Texas Intermediate (WTI) for delivery in November gained 24 cents from its rate during the previous trading day to settle at $92.09. Meanwhile, in London, Brent for November delivery shed 73 cents to a current crude oil price of $115.07 per barrel. The expiration of the November contract was at the end of the day’s trading session.

The entire crude market was very calm, without its usual abrupt up and down movements, according to analysts of BMO Capital Markets.

The futures contract on the NYMEX followed the upward movement of the financial markets resulting from an upbeat macroeconomic situation, including the industrial output data of the US, improving confidence from German investors and speculations that Spain may eventually ask for help from the European Central Bank. Further, the market is preparing for the weekly inventory report of the US.

The US Department of Energy is anticipated to soon report that crude oil inventories increased by 900 barrels in the past week, after a 1.7-million barrel jump a week before that, said analysts surveyed by Dow Jones Newswires. Most analysts, however, are anticipating a somewhat more significant increase in crude supplies.

In the meantime, the crude price per barrel was also obtaining support from continuous worries regarding conflict in the Middle East, specifically Iran. Victor Shum, an analyst at Purvin & Gertz, said that oil is supported by stricter sanctions placed by the European Union on Iran.

Foreign ministers of the European Union recently agreed to impose fresh and tougher sanctions versus both Iran for the purpose of forcing a progress in discussions about the nuclear program of Tehran and the regime in war-damaged Syria.

Spain kept on being a major issue for traders as the European country is apparently still on the brink of receiving much-needed financial support from the European Union.