Crude oil price today as on 21st Jan, 2025.
Brent oil March futures prices slid $2.01 or 2.5 pct to $78.78 a barrel on London based ICE Futures Europe exchange. U.S crude oil benchmark, WTI futures oil prices for March delivery went down $1.24 or 1.6 pct to $76.15 a barrel on NYMEX on Tuesday morning during Asian hours. Brent futures closed down last night while U.S crude was not traded due to U.S holiday. Brent premium over WTI is moving at $2.27 a barrel during last session.
Crude oil benchmark price index curves tilted toward bearish zone, pausing recent advancement. Trump sworn in for the second time, Possibility of declaration of national energy emergency and gear up to fill U.S strategic reserves are the news for the crude markets at this moment. Biden sanction on Russian oil last week lent support to oil complex. Turning to technicals, Speculators built up most bullish positions in petroleum, Anticipating U.S sanctions could deplete inventories across the market. Hedge managers, Money managers and Fund managers had purchased most in petroleum for almost nine months. Easing tensions in ME region keep lid on oil prices post ceasefire agreement between Israel and Hamas. Trump ‘rig – baby -rig’ policy, Sanctions on Russian oil, Asia market dynamics and weekly numbers are under watch.
