Crude Price News

Stock Market Today: ONGC and Oil India share prices gained up to 4% on Friday, June 13, amidst rising crude prices, led by the Israel-Iran conflict. ONGC share price was among the top gainers among the Nifty 50 stocks despite the stock market crash.

OPEC said in its monthly report that the world oil demand will rise by 1.30 million bpd in 2025, down 150,000 bpd from last month's forecast.

Crude oil outlook: Brent crude futures settled at $64.76 a barrel, up $1.43, or 2.26 per cent. US West Texas Intermediate crude finished at $61.50 a barrel, up $1.43 or 2.38 per cent.

Goldman Sachs cut its 2026 average price forecast for Brent by nine per cent to $62 and WTI by 6.3 per cent to $59. It warned that the new estimates could be lowered further.

Oil Prices Today: Crude oil logged a third straight weekly gain. US President Donald Trump will announce reciprocal tariffs on a wide range of imports, effective April 2. The trade war has investors worried about a potential recession.

Crude oil prices: Oil was supported by the new OPEC plan for seven members to cut output to compensate for producing more than agreed levels. The plan would represent monthly cuts of 189,000 bpd and 435,000 bpd until June 2026.

Oil prices increased slightly due to a weaker dollar, with Brent crude at USD 69.69 and WTI at USD 66.38 per barrel. However, concerns over economic slowdowns and trade tariffs limited gains, keeping prices within a stable range of USD 70 to USD 75 per barrel.

The OPEC+ oil-producing cartel is cutting output by 5.85 million barrels per day, equal to about 5.7 per cent of the global crude supply, agreed in a series of steps since 2022.

OPEC+ will start raising output from April 2025. Oil prices jumped after Donald Trump imposed tariffs over the weekend, while Goldman Sachs kept its Brent forecasts unchanged.

Brent crude oil benchmark settled down around three per cent from its final 2023 closing price of $77.04, while US WTI was roughly flat with last year's final settlement.