crude oil price Today as on 12th June, 2025
crude oil price trends: Brent oil Aug futures are trading up at $70.11 with 0.5 pct up on London based ICE Futures Europe exchagne while WTI oil futures for July delivery rose 0.5 pct to $68.5 a barrel on NYMEX on Thursday Morning during Asian hours. Both the benchmarks closed last night with above 4 pct up. Brent spread over WTI narrowed down to $1.62 during the session.
Fundamental Analysis: Heightening tensions in Middle East are in headlines. U.S prepares to evacuate Iraqi embassy triggered buyers to build positions. On the data side, Bullish weekly numbers surprised markets with hefty draws in crude and product stocks in U.S that compounded bullish sentiment in the crude markets. Progress in U.S – China trade talks keep elevate oil prices that boost demand. OPEC increasing supplies is the only headwind for the crude markets as of now.
Technical Analysis: Benchmarks curves are demonstrating upside momentum. RSI indicators are nearing overbought zone. MACD indicator shows strong acceleration. consolidation possible. Expecting positive bias unless key resistance levels are broken.
