The current crude oil price is around $69.19 per barrel for Brent crude and $67.38 per barrel for WTI crude. These prices reflect a slight increase from previous trading days, with Brent crude up 0.25% from last week and WTI crude up 0.82% from last week.
*Key Factors Influencing Oil Prices:*
- *Geopolitical Tensions*: Ongoing conflicts in oil-producing regions can impact supply and drive prices up.
- *OPEC+ Production Decisions*: Recent production increases by OPEC+ have added supply to the market, potentially putting downward pressure on prices.
- *Global Demand*: Steady demand growth, particularly in Asia, supports oil prices.
- *US Dollar Strength*: A strong US dollar can make oil cheaper for importers, potentially increasing demand.
*Market Outlook:*
- *Short-term*: Prices may remain volatile due to geopolitical uncertainties and OPEC+ decisions.
- *Long-term*: Fundamentals suggest a balanced market, but potential rate cuts by central banks and easing inflation could support prices ¹ ².
*Recent Price Trends:*
- *Brent Crude*: $69.19 per barrel, up 0.25% from last week.
- *WTI Crude*: $67.38 per barrel, up 0.82% from last week ¹.
*Forecasted Price Range:*
- *MCX Crude Oil*: ₹5,700 - ₹5,850 per barrel, with a predicted price of ₹5,810.
- *Brent Crude*: potentially between ₹52,00 and ₹5,800 per barrel.
- *WTI Crude*: potentially between ₹5,250 and ₹5,750 per barrel ³.