Crude Oil Price Today as on 21st May, 2025.
Crude oil price movements remains flat amid thin trade. Brent oil July futures prices rose 1.5 pct to $65.72 a barrel on London based ICE Futures Europe exchange while U.S crude futures WTI June futures moving flat at 63.03 on Wednesday morning during Asian hours. Both the benchmarks closed down last night with marginal changes. Brent spread over WTI further narrowed down to $2.69 a barrel during the session.
Crude oil price index curves are drawing straight lines on geopolitical uncertainty. Tensions clouded over U.S – Iran negotiations shrugged off prevailing optimism across the market. EU sanctions against Russia left the markets in limbo. On the data side, Prospectus of U.S Fed using interest rate to keep price inflation in check in focus. Chinese Industrial output numbers sang negative tunes. API predictions followed by eia confirmations over U.S weekly stock numbers are due on Wed and Thu respectively. Analysts expect draws during last week. Turning to technicals, speculators positioning of widening net length in Brent over WTI keep momentum for Brent oil futures. WTI June futures are set to expire today. I expect crude markets remain in range bound. Weekly numbers may spur some volatility in the short term.
