crude oil price Today as on 21st June, 2025
crude oil price trends: Brent oil futures for August delivery settled down $1.84 or 2.33 pct to $77.01 a barrel on London based ICE Futures Europe exchange. WTI oil July futures closed 0.28 pct down, Expired on Friday as there was no settlement on Thursday due to U.S holiday. The most active August WTI contract closed at $73.84 a barrel.
Fundamental Analysis: ‘Escalation of tensions in ME, Iran – Iraq war news and U.S moves’ led the oil fundamentals this week. Worries over supply disruptions through Red sea waters lent support to oil complex this week. The direction of oil prices from here will also depend on ‘disruption’ factor. Federal bank moves over interest rate also got weighed during the week. Oil markets downplayed the weekly and monthly numbers this week. U.S weekly rig numbers came out and drillers cut down rig numbers during the week.
Technical Analysis: crude oil technical index curves demonstrated upside momentum this week. with reference to crude weekly positioning data released, Jump in net long positions suggested a sharp sentiment shift towards bullishness. Significant rise in shorts indicates aggressive fresh buying likely on stronger macro or inventory signals. WTI RSi indicator is near oversold territory, EMA and MACD suggested mild bearish bias. Brent shows upside momentum. Heavy long build up in Brent indicates traders anticipate higher prices. let us meet on Monday. Happy week end.
