Crude Oil price today :West Texas Intermediate (WTI) Oil price falls on Thursday, early inthe European session. WTI trades at $63.26 per barrel, down from Wednesday closeat $63.55.
Brent Oil Exchange Rate (Brent crude) is also shedding ground, trading at $66.98 after its previous daily close at $67.27.
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WTI Oil Price falls toward $63.00
West Texas Intermediate (WTI) Oil price extends its losses for the second consecutive day, trading around $63.20 per barrel during the Asian hours on Thursday. Crude Oil prices depreciate as reports suggest that OPEC+, the Organization of the Petroleum Exporting Countries and its allies, will consider fresh production increases in October at its policy meeting on Sunday.
OPEC+ plans to increase Oil output
The OPEC+, aiming to reclaim market share, may start unwinding 1.65 million barrels per day of output cuts, around 1.6% of global demand. The Oil cartel had already agreed to lift output targets by roughly 2.2 million barrels per day between April and September, alongside an additional 300,000 bpd quota increase for the United Arab Emirates, per Reuters.
The American Petroleum Institute (API) showed that US Weekly Crude Oil Stock rose by 0.6 million barrels, against the expectations of a 3.4 million-barrel draw, signaling weaker consumption. Fuel demand prospects were further clouded by a slowdown in the US economy. ISM Manufacturing Purchasing Managers Index (PMI) came in at 48.7 in August, falling short of the expected 49.0 reading.
Traders await Thursday’s weekly Initial Jobless Claims, the ADP Employment Change, and the ISM Services Purchasing Managers Index (PMI), seeking fresh cues on the US Federal Reserve’s (Fed) policy outlook in September. Attention will shift toward Friday’s data, including US Nonfarm Payrolls expected to add about 75,000 jobs in August, while the Unemployment Rate is expected to be seen at 4.3%.
Nymex Crude Oil Price Today
Nymex Crude Oil slumped by almost 3% in the last session as supply concerns eased after the Trump administration’s sanctions on Iran, while OPEC+ signalled the possibility of higher production levels. Additionally, weak U.S. economic data weighed on demand prospects. However, losses were partly cushioned by a softer dollar.