Crude Oil Price today as on 7th May, 2025
Crude oil Brent futures for July delivery opened around 4 pct up to $62.14 a barrel on London based ICE Futures Europe exchange. WTI oil June futures prices jumped 4.3 pct to $59.59 a barrel on NYMEX on Wednesday morning during Asian hours. Both the benchmarks closed up above 3 pct last night.
Crude oil benchmark price index bounced back and curves turned up in a significant move after a slump in the beginning of the week. On the fundamentals side, Markets shifted focus on positive factors like increasing demand in Europe and China, Prospectus of lower production in U.S and escalation of political tensions in ME region. Putting some torch on technicals, Markets buoyed up by some bottom fishing with a significant amount of profit taking out of short holdings. Turning to data, API expected that U.S crude stocks fell about 800000 barrel last week. eia confirmations are awaited later today. Weak greenback lent some support to oil complex. The fed is expected to leave the interest rates unchanged. Crude indicators are expected to maintain upside momentum today on extension of profit booking.
