Crude Oil Price Today: Brent at $104.16, WTI at $96.28 in Post-Market Trade on November 4

Key Takeaways

• Brent crude was trading at $104.16 per barrel, up $0.56 or 0.54%, in live post-Indian-market trade on November 4.
• WTI crude was at $96.28 per barrel, up $0.19 or 0.20% at the same research cut-off.
• Brent traded between $102.56 and $104.96, while WTI's available intraday range was $94.90-$97.15.
• The Brent-WTI spread was approximately $7.88 per barrel.
• These figures are live prices, not final ICE or NYMEX settlement prices, because international crude trading was continuing after the Indian cash market had closed.

Brent and WTI crude oil futures were higher in post-Indian-market trade on Wednesday, November 4, after a volatile international session.

Brent was quoted at $104.16 per barrel, up $0.56 or 0.54%, while US West Texas Intermediate was at $96.28, up $0.19 or 0.20%. The difference between the two benchmarks stood at approximately $7.88 per barrel.

Source: MarketVeo front-month futures data for ICE Brent and NYMEX WTI, accessed at approximately 4:22 PM IST on November 4, 2026. The figures are live post-Indian-market quotes and are not final settlement prices.

Brent's available intraday high was $104.96, while its low was $102.56. WTI traded between an available low of $94.90 and a high of $97.15.

Crude prices experienced a volatile session on November 4.

Earlier in the day, Brent and WTI initially moved lower as markets assessed diplomatic efforts surrounding the conflict involving the US, Israel and Iran. Prices subsequently recovered as participants evaluated uncertainty around Washington's next steps following the US midterm election results. Reuters reported Brent at $104.36 and WTI at $96.72 at 0730 GMT during the earlier part of the international session.

US inventory information was another factor. Industry data showed US crude stocks falling by approximately 5.27 million barrels, while gasoline inventories increased by about 1.43 million barrels and distillate stocks fell by roughly 1.19 million barrels.

An inventory decline can provide support to crude pricing when it indicates that available commercial stocks have tightened, although the market impact depends on refinery activity, imports, exports, product inventories and broader supply conditions.

The November 4 session therefore reflected competing influences from geopolitical risk, diplomatic developments and petroleum-inventory data rather than a single isolated catalyst.

Brent is a major international crude benchmark associated with seaborne oil and is widely used to price crude supplies in Europe, Africa, the Middle East and other international markets.

WTI, or West Texas Intermediate, is the main US crude benchmark and is associated with physical delivery at Cushing, Oklahoma.

At the research cut-off, Brent was $104.16 and WTI was $96.28, leaving Brent at a premium of approximately $7.88 per barrel.

The size of this spread can vary with differences in regional supply and demand, transportation constraints, inventory conditions, crude quality and geopolitical risk.

India imports most of the crude oil required to meet domestic consumption.

If international crude prices remain higher while import volumes and exchange rates are unchanged, the dollar value of crude imports rises. Conversely, lower benchmark prices reduce the cost of purchasing an unchanged quantity of imported crude.

The actual import bill also depends on the grade of crude purchased, freight, discounts or premiums, import volumes and the rupee-dollar exchange rate.

Crude oil is an input into fuels and a wide range of petroleum-derived products.

Price changes can feed into the economy through petrol, diesel, aviation turbine fuel, freight costs, petrochemicals, packaging and industrial inputs. The degree and timing of transmission depend on domestic fuel pricing, taxes, refining economics and company-level pass-through policies.

Fuel represents a significant operating expense for airlines and many transport businesses.

Changes in crude and refined-product prices can therefore alter fuel costs, although the final financial impact also depends on hedging, fuel efficiency, pricing decisions and currency movements.

Several chemicals, solvents, polymers and other industrial raw materials have links to the petroleum value chain.

Sustained changes in crude and petrochemical feedstock costs can therefore affect input costs and working-capital requirements for manufacturers that use these products.

For refiners, crude oil is the principal raw material.

The financial impact of a crude-price change cannot be assessed from the benchmark price alone because refining margins depend on the relationship between crude input costs and the prices of petrol, diesel, aviation fuel and other refined products.

For oil-marketing companies, domestic product pricing, taxes, inventory gains or losses and marketing margins are additional variables.

Revenue for upstream producers can be linked directly or indirectly to international crude benchmarks.

Higher realised crude prices increase revenue per barrel when production volumes and other terms are unchanged, while lower realised prices have the opposite mechanical effect.

Because international crude transactions are largely denominated in US dollars, a larger oil import bill can increase demand for foreign currency.

The eventual impact on India's trade balance, current account and rupee depends on several other flows, including exports, services receipts, capital flows and movements in other commodity imports.

Brent crude was at $104.16 per barrel at approximately 4:22 PM IST in the post-Indian-market check. This was a live quote, not a final settlement.

WTI crude was quoted at $96.28 per barrel, up $0.19 or 0.20% at the same research cut-off. The figure was a live quote rather than the NYMEX final settlement.

With Brent at $104.16 and WTI at $96.28, the Brent premium was approximately $7.88 per barrel.

The available Brent range was $102.56-$104.96 per barrel, while WTI's available range was $94.90-$97.15 per barrel as of the post-market research cut-off.