Crude oil price today as on 16th April, 2025
Crude oil Brent futures for June delivery inched up 18 cents or 0.28 pct to $64.06 a barrel while WTI May oil futures inched up 17 cents or 0.27 pct to $61.5 a barrel during Asian hours on Wednesday morning. Both the benchmarks futures prices closed up last night. Brent premium over WTI widened to $3.35 a barrel during the session.
Crude prices index curves are moving flat as the traders are re-assessing Trump’s on-again, off-again tariffs. U.S-China trade war spilling over fears of gloomy economic growth across. Reconsideration of exemptions and positive news on China exports lent some support yesterday. Turning to monthly reports, U.S- China trade war and uncertainity over demand outlook prompted OPEC to lower its demand growth numbers while IEA reported that demand growth is estimated at slow pace. API weekly estimates are due later today followed by eia confirmations. On the supply side, OPEC+ opening taps pushed oil prices 13 pct down so far this month. Bears fest expected to continue.
