Crude oil futures prices touched $84

Crude oil futures prices touched $84.70 supported by robust diesel demand in Europe. Spread traders are eyeing crack spread expansions as a bullish signal. The meeting by the group of eight oil-producing countries known as the "Voluntary Eight" (V8) comes as oil prices head for weekly losses and rumours of a possible output increase of up to 500,000 barrels per day (bpd) swirl. An aerial view shows a crude oil tanker at an oil terminal off Waidiao island in Zhoushan, Zhejiang province, China January 4, 2023. China Daily via REUTERS Purchase Licensing Rights , opens new tab Crude oil futures prices broke above $85.10 intraday as hurricane season forecasts warned of possible disruptions to Gulf Coast production. Momentum indicators turned strongly bullish.