In two hours, the price will grow by $0.16, which implies a rise to $61.60, with a cumulative increase of 0.26%. Brent (Brent Crude) is the name for oil produced from the North Sea (Europe), with the name Brent derived from mining fields in the North Sea. Brent crude is considered a high-quality crude oil with a relatively low sulfur content, making it less polluting and easier to refine into various petroleum products, including gasoline and diesel fuel. If OPEC+ approves the potential increase of 411,000 barrels a day when it meets on June 1, it will mark the third month in a row the cartel has agreed to boost supplies by triple the initially scheduled amount. The crude oil market continues to see a lot noisy trading, as we are in the midst of a bottoming pattern. The market continues to look like one that is trying to stabilize overall.

Price Forecast: Can WTI Reach $70 Again?

The Dallas-based wireless and broadband company now says it aims to reach 60 million locations by 2030, about double where AT&T Fiber is available today. Lumen had said earlier that the consumer fiber business didn’t fit with its focus on serving enterprise customers. Thirty-year bond yields this week reached 5.15% in the US, approaching levels last seen in 2007, while those in Japan exceeded the highest on record in data since 1999, with auctions in both countries drawing tepid demand. Long-dated bonds in the UK, Germany and Australia also faced selling pressure. The ChatGPT maker is partnering on a 5-gigawatt data center cluster in Abu Dhabi with G42, an AI company backed by the country’s sovereign wealth fund. As part of the deal, G42 plans to make a reciprocal dollar-for-dollar investment in AI infrastructure in the US, OpenAI said.

Bloomberg previously reported OpenAI’s plan to be market facilitation index an anchor tenant in the project. A number of US carriers withdrew their full-year earnings outlooks last month, saying a surprise collapse in demand in February and March clouded the forecast for the rest of 2025. Concern over trade wars, inflation, government job cuts and questions about border policies contributed to an erosion in domestic travel demand.

Over the past 8 hours, the price has increased by 0.33%, from $61.24 to $61.44. The price of Brent oil has been the basis for price formation since 1971 for nearly 40% of oil worldwide and continues to be used today. However, in its development, the oil production of the United States has increased and contributed greatly to the world market share, so the price of WTI oil has been used as a major reference too since around 2007. Oil fell to its lowest settling price in almost two weeks as US stockpiles gained and OPEC+ members discussed another major production increase, just as demand faces headwinds from the US-led trade war.

  • Even large U.S. oil companies, like ExxonMobil, are not immune to the impacts of these price wars.
  • They’ve built a vibrant community of traders and investors, and their UAE team really stands out for delivering an exceptional trading experience.
  • Russian Prime Minister Alexander Novak said that OPEC+ has not yet discussed increasing output by another 411,000 barrels per day ahead of its meeting.
  • If negotiations between the two countries fail, this would limit the Iranian oil supply.
  • The light, sweet crude oil market has initially tried to rally during thin Memorial Day trading on Monday, only to give back those gains.

Price

  • The price of Brent oil has been the basis for price formation since 1971 for nearly 40% of oil worldwide and continues to be used today.
  • The WTI stands for West Texas Intermediate, one of three major types including Brent and Dubai Crude.
  • Brent crude oil trades six days a week, so based on which day you’re looking at crude oil spot prices, you may be getting the last recorded live price.
  • Long-dated bonds in the UK, Germany and Australia also faced selling pressure.

The reference oil traded most frequently and of major significance for the USA is West Texas Intermediate (WTI), while the most important in Asia is Dubai Fateh. Other reference oil types include Leona, Tijuana, Alaska North Slope, Zueitina or Urals. The different types of crude oil come from regions as diverse as Alaska North Lope, Arab Light or Zueitina in Libya. These are standardized products used to determine the prices for all other types.

The meeting is separate from the online ministerial meeting of the Organization of the Petroleum Exporting Countries and its allies, led by Russia, set for May 28. Russian Prime Minister Alexander Novak said on Monday that OPEC+ has not yet discussed hiking output by another 411,000 barrels per day ahead of its meeting, RIA news agency reported. The International Energy Agency (IEA) recently slashed its forecast for global oil demand growth.

Intraday Crude Oil Price Prediction for Today and Tomorrow

This is part of a broader strategy that mirrors the 2014 oil price war, which aimed to undercut U.S. shale by flooding the market with cheap oil. Despite technological advancements and increased efficiency in U.S. shale production, the high costs of drilling and wastewater disposal continue to make it a vulnerable market. Investors are watching every statement closely, because any progress — or setback — in these nuclear talks could directly impact the oil market.

We also explain what oil blends are (like Brent and WTI), and ways you can speculate on live crude oil spot prices without having to buy physical barrels. Today’s Brent crude oil spot price is at $63.84 per barrel, down by 1.44% from the previous trading day. In comparison to one week ago ($64.65 per barrel), Brent oil is down 1.25%. Beyond the geopolitical and economic pressures, the global oil market faces environmental and logistical challenges that could further disrupt supply chains. For instance, the recent sinking of the MSC Elsa 3, a Liberia-flagged cargo ship carrying 640 containers and significant quantities of marine fuel, raised concerns about potential oil spills.

About CFDs on WTI Crude Oil

Massive US oil and gas shale fracking is changing the world oil market. It means that the power possessed by the twelve states’ cartel OPEC to determine world oil prices has dropped significantly, as well as their respective countries’ bargaining power in world politics and economy. In December 2005 the global demand for crude oil was 83.3 million barrels per day according to the International Energy Agency (IEA) and will rise further. Today’s live Brent crude oil spot price is at $61.13 per barrel. That’s down by 0.34% from the price of $61.34 per barrel one week ago.

Its high energy density and versatility make it a cornerstone of modern industrial society. Oil prices are typically quoted per barrel and in dollars (USD) around the world and no matter if it’s American oil or not. The price of Brent crude oil is $63.84 per barrel, and the price of WTI crude oil is at $61.13 per barrel. “The bankruptcy estate does not foresee any realistic prospects for a purchaser to assume control of the production in the near term,” trustee Mikael Kubu said in the statement.

Key data points

However, the global pool of oil and the ease with which oil moves around the world levels some of these price pressures, and no one oil producer to completely dominate the world market. The light, sweet crude oil market has initially tried to rally during thin Memorial Day trading on Monday, only to give back those gains. That being said, this is a market that I do think is still in the midst of trying to consolidate and find its footing, with the $60 level underneath offering a significant amount of support. If we turn around and rally from here, the 50 day EMA, which is currently near the $63.33 level, offers a little bit of resistance. If we can break above there, then we could go Best socially responsible mutual funds looking at the $65 level. Three hours ago crude oil was worth $61.28, and the price has changed by 0.26% since then.

Shares of Sunrun Inc., America’s biggest rooftop-solar company, fell as much as 42% on Thursday — the most ever in intraday trading. Equipment provider SolarEdge Technologies Inc. slid as much as 27%. NextEra Energy Inc., the biggest US developer of wind and solar projects, slid as much as 10.7%, the most since October 2023. The Trump Administration told Harvard University it can’t enroll international students, delivering a major blow to the school after the government froze billions of dollars of federal funding. The current trading gives Hinge Health a market value of nearly $3 billion based on the outstanding shares listed in its filings, not including preferred stock that could convert to common shares. It has a fully diluted value of about $3.5 billion when taking employee options and restricted share units into account.

Yes, oil prices are still seen as one of the prtrend Canadian dollar movers to this day. The reason undoubtedly is that oil production and refinery is accounted as one of Canada’s major industries. Canada is the sixth largest world oil producer after Saudi Arabia, the United States, Russia, and China.

Harbour Energy Begins First Oil Production From Maria Phase 2

However, Trump said American negotiators made “real progress” during “very good” nuclear talks with Iran over the weekend. The US imported approximately 12 million barrels a day of oil in 2008; but the figure has skydived, and today US oil imports is less than 5 million barrels a day due to the US shale technology. That means, US oil imports has fallen more than 60% since 2008, and this significantly decreased the commodities correlation with the US Dollar. In Brent crude oil’s instance, these reserves are under the seafloor, while WTI crude oil is extracted from reserves located under dry land. So the extraction process, machinery and capital required are different.

At the same time, Sewing sought to reassure investors that Deutsche Bank isn’t backing away from its climate goals. But the timeline of the update’s implementation is currently unclear, he said. Deutsche Bank AG won’t move ahead with a plan to add restrictions on financing oil and gas, as it assesses the legal risks of doing so, according to its chief executive.

To be honest I’m not fully experienced trader, but with very limited knowledge of trading I try learn as much as I can by trying out different platforms see if can make money. My interests growing in you platform, l like news updates you also short videos on YouTube, other propaganda, poster and many more. Oil is a unique resource essential to the global economy, providing energy for transportation, heating, and electricity generation, as well as serving as a raw material for various products such as plastics and chemicals.