crude oil price Today as on 27th June, 2025
crude oil price trends: Brent oil August futures are trading 72 cents or 1 pct low at $67.01 a barrel on London based ICE Futures Europe exchange while WTI oil futures to be delivered in August are trading 57 cents or 1 pct higher at $65.81 a barrel on NYMEX on Friday at the time of reporting. Both the benchmarks traded flat during last two sessions. Brent spread over WTI narrowed down at $2.49 a barrel during yesterday’s session. Crude set to login weekly losses.
Fundamental Analysis: Oil markets are becoming fundamentally driven this week after a ceasefire between Iran and Iraq. Traders shrugged off geo-political risk premium factor since no supply disruption is reported from ME region. Positive crude and product weekly numbers lent some support this week. China accelerated crude imports from Iran after tensions escalated in the region. All eyes on OPEC’s producer’s meet on July 6th where another 411000 bpd output hike is expected. Speculators positining data is awaited later today. Baker Hughes rig numbers are due.
Technical Analysis: Both the benchmarks are currently in a short term downtrend, trading below their 9 day EMAs with bearish MACD crossovers and RSI in netutral but declining territory. Unless prices rebound strongly above resistance zones, bearish bias is likley to persist. Happy week end.
