Crude Oil Price today as on 8th May, 2025
Crude Brent oil July futures markets opened in red trading at $60.71 a barrel on London based ICE Futures Europe exchange. Crude WTI oil June futures are opened down at $58.01 a barrel on NYMEX on Thursday morning. Both the benchmarks settled down last night.
Crude oil price index curves are slanting down after taking profits in the previous two sessions. Fundamentals remains unchanged for crude markets. Prospectus of U.S – China trade talks keeping the markets in positive sentiment. Geo-political tensions in Asia and ME prevailed. Markets seems to be ‘smiled’ at Saudi’s turn to push for more supplies as ‘prompt’ prices flipped into very unusual combination of both backwardation and contango structures in near future. Turning to weekly data, eia reported surprising build in gasoline stocks, Signaled weak product demand while U.S crude stocks fell 2Mbpd compared to analysts expectations in a Reuters poll. I expect markets remain range bound during the week.
