Crude Oil Price today as on 10th May, 2025
Crude oil Brent futures for July delivery traded up $1.07 or 1.7 pct to settle at $62.91 a barrel on London based ICE Futures Europe exchange. Crude oil WTI oil June futures advanced $1.11 or 1.9 pct to $61.02 a barrel on NYMEX last night. Both the benchmark posted weekly gains since mid-April.
Crude oil benchmark futures price index curves demonstrated upside momentum amid optimism ignited by trade talks deal between U.S and U.K. Fundaments remained unchanged during this week. Escalation of geo-political risks across Asia and ME and Prevailing demand worries continued to exist. Crude markets opened in the early week with bearish mood after OPEC+ group decision over increasing output. In the mid week, Price indices turned up on profit taking. Weekly numbers could not spur price momentum. Turning to technicals, The declining net length with rising shorts and reduced longs implies that speculative traders are bearish or cautious. Both the benchmark curves nearing key support levels, A breach could trigger further downside. Monthly numbers due later this week, may spur some price momentum in the early next week.
