crude oil price today
crude oil price trends: Brent oil July futures prices are moving up 43 cents or 0.7 pct to $64 a barrel on London based ICE Futures Europe exchange while WTI July futures are trading up at $61.33 with 44 cents or .723 pct up during Asian hours on Wednesday morning. Both the benchmarks closed 1 pct down last night. Brent premium over WTI moderately narrowed down to $3.2 a barrel during the session.
Fundamental Analysis: Supply glut fears is the major headwind factor existed in the crude markets. Signs of limited progress in U.S – Iran talks and prospectus of OPEC+ group acceleration of supplies gaining momentum for upcoming events this week. Turning to data, U.S crude stocks likely to pile up by 500000 barrels last week as per consensus among analysts. Easing of trade concerns amid extending trade tariffs talks with EU is the only positive factor prevailed in the market.
Technical Analysis: Crude oil benchmark price index curves demonstrated downside momentum during yesterday’s intraday trade. Referring to indicators, RSI below 47.8 level is neither overbought nor oversold, Indicates consolidation or trend shift zone. MACD indicates positive momentum while price trading below 50 EMA trend confirms downtrend continuation unless breached. Short bias is neutral to bearish. weekly numbers may spur some volatility.
