Crude oil price today as on 26th April, 2025
Brent oil futures for June delivery rose 32 cents or 0.5 pct to $66.87 a barrel on London based ICE Futures Europe exchange. WTI oil June futures prices went up 75 cents or 1.2 pct to $63.02 a barrel on NYMEX last night. Both the benchmarks logged in weekly losses clawing some of the gains during the week. Brent premium over WTI remain unchanged during the session.
Crude price index curves flirted with bearish momentum in crude markets. Fundamentals largely unchanged during the week. Tariffs war news remained in the focus this week, China reduced tariffs on some inputs shrugged off trade fears around the market. Prospectus of producer council considering further opening up spigots kept bearish bells ringing. weak greenback lent some support to oil complex. Markets derived mixed signals from weekly numbers that could not spur volatility in prices. Moscow-Kyiv attacks escalated geo-political tensions across the market. U.S Monetary policy news spilled over some fears across financial markets.
TECHNICAL ANALYSIS: Turning to technicals, Speculators increased net length in brent and wti, Indicated short term bullish momentum subject to fundamentals. Longs returned to market while decreasing short positions implying short covering rally. Brent positioning shows strong upside momentum while wti indicates possible consolidation.
