Crude Oil Price today as on 16th May, 2025
Brent oil July futures are trading at $64.11 a barrel on London based ICE Futures Europe exchange while WTI oil futures for June delivery are moving at $61.25 a barrel on NYMEX during Asian hours at the time of reporting. Both the benchmarks closed down above 2 pct last night. Brent traded at a premium of $2.91 over WTI during the session.
Crude oil benchmark futures price index curves flattened today after demonstrating downside momentum during last 2 sessions. Fundamentally speaking, U.S – China trade deal outweighed over supply fears this week that kept floor for oil prices. Monthly numbers could not draw market attention while weekly numbers spurred some volatility. Putting some torch on IEA report, supply – demand balance expected to exert downward pressure on oil prices. The report suggested that oil markets remain well supplied with global supplies outpacing demand growth. Moderate softer pricing trend ahead is the insight out of this report. Oil futures are set to log in 1 pct weekly gains. Speculators numbers are awaited later today apart from weekly rig numbers.
