Crude oil price today as on 2nd May, 2025
Brent crude July futures prices are propping up 1 pct or 54 cents to $62.26 a barrel on London based ICE Futures Europe exchange. WTI oil futures for July delivery rose 57 cents or around 1 pct to $59.81 a barrel on NYMEX on Friday Asian morning hours. Both the benchmarks futures prices went up and closed around 2 pct up last night. Brent premium over WTI narrowed down $2.89 a barrel during the session.
Crude benchmark futures curves turning up on positive fundamental news. China’s optimism over opening talks with U.S raised hopes of de-escalation of trade tensions between U.S and China. Prospectus of secondary sanctions by U.S on Iranian oil buyers keep weigh on oil complex. SA, The spearhead of Producer’s council, The OPEC, briefed its allies that they are not willing to lose market share in the process of propping up oil prices by tightening spigots. Turning to data, Institutional data on speculator’s numbers due later today. U.S rig numbers are in watch. OPEC scheduled meet is in focus. crude markets are set to register weekly loss for this week.
