Crude oil price today as on 6th May, 2025
Brent oil July futures are opened flat at $60 a barrel on London based ICE Futures Europe exchange. WTI oil futures for June delivery opened in green at $57.18 a barre on NYMEX on Tuesday morning during Asian hours. Both the benchmarks lost around 2 pct to close down last night. Brent premium over WTI widened to $3.1 a barrel during the session.
Crude oil benchmark futures price curves continued to slope down amid bearish fundamentals. Markets opened the week down and touched lowest after April 9th. Supply side fundamentals sprinkled fears across the market. The spearhead of OPEC+, SA pushed the group to unwind voluntary cuts to punish the members for non-compliance. The group’s decision of acceleration of output and progressively ending the 2.2Mbpd voluntary cuts fueled the prevailed negative sentiment in crude markets. Tariffs war continues to create trade irritants among world’s largest economies in turn dampens the petroleum demand. On the technicals side, Money managers narrowed down net length in crude F&O with longs exited brent markets while shorts built up positions during the week ending April 29th. U.S weekly stock numbers due later today followed by eia confirmations. Monthly numbers are due at the end of the week. I expect markets move in range bound this week.
