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Crude Oil Brent Aug '24 (CBQ24)

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Crude Oil Brent Futures Market News and Commentary

Crude Prices Slump on OPEC+ Plans to Restore Crude Production

July WTI crude oil (CLN24) today is down -2.69 (-3.49%), and July RBOB gasoline (RBN24) is down -6.98 (-2.89%).

Crude oil and gasoline prices today fell sharply to 3-month lows.  Crude prices are falling after OPEC+ on Sunday unexpectedly rolled out a plan to restore some crude production in Q4.  Also, signs of weakness in the US economy are negative for energy demand and crude prices after the US ISM manufacturing and construction spending reports declined.  Crude prices are falling despite today's decline in the dollar index to a 2-week low.

OPEC+ on Sunday agreed to extend the 2 million bpd of voluntary crude production cuts into Q3 but then gradually phase out the cuts over the following 12 months beginning in October.  OPEC pledged to extend its crude production cap at about 39 million bpd to the end of 2025.  Also, the UAE was given a 300,000 bpd boost to its production target for 2025.

Today's weaker-than-expected US economic news was bearish for crude price... Read more

Contract Specifications

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Contract
Brent Crude Oil
Contract Size
42,000 U.S. Gallons
Tick Size
1 cent per barrel ($10.00 per contract)
Trading Hours
8:00p.m. - 6:00p.m. (EST)
Exchange
ICE/EU
Point Value
$1,000
Margin/Maintenance
$6,765/6,150
First Notice Date
06/28/24 (25 days)
Expiration Date
06/28/24 (25 days)

Seasonal Chart

Crude Oil Brent Aug '24
Average Price Chart for 5 Prior Aug Contracts
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
78.21 +0.13%
on 06/03/24
84.72 -7.57%
on 05/29/24
-4.14 (-5.02%)
since 05/03/24
3-Month
78.21 +0.13%
on 06/03/24
90.22 -13.20%
on 04/12/24
-2.87 (-3.54%)
since 03/01/24
52-Week
69.36 +12.90%
on 06/12/23
90.22 -13.20%
on 04/12/24
+5.66 (+7.79%)
since 06/02/23

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Barchart Trading Guide

The Barchart Trading Guide is a Sell Signal with a Soft Signal Strength.

Key Turning Points

3rd Resistance Point 84.22
2nd Resistance Point 83.46
1st Resistance Point 82.28
Last Price 78.31
1st Support Level 80.34
2nd Support Level 79.58
3rd Support Level 78.40

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52-Week High 90.22
Fibonacci 61.8% 82.25
Fibonacci 50% 79.79
Last Price 78.31
Fibonacci 38.2% 77.33
52-Week Low 69.36

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