Key Highlights:
Crude oil prices weakened in early Thursday trade, with WTI Futures (May 2025 contract) falling 0.45% to $60.01, amid continued concerns over demand recovery, geopolitical uncertainties, and technical resistance near $60.50–61.00.
Despite attempts to reclaim momentum during the early session, prices failed to hold above the $60.20 zone, slipping back into the lower range of the week.
Crude Oil WTI Futures Snapshot – 11 April 2025 (Live)
| Metric | Value |
|---|---|
| Last Price | $60.01 |
| Change | -$0.27 (-0.45%) |
| Day’s Range | $59.98 – $60.27 |
| 52-Week Range | $55.12 – $86.97 |
| Time of Data | 04:37 UTC |
Intraday Action: Resistance Holds Near $60.20
At 1:56 AM UTC, WTI briefly traded as high as $60.21 before reversing lower. The narrow range, low volume, and failure to break past resistance suggest that technical selling and profit booking dominated short-term trade.
- Open: $60.21
- High: $60.21
- Low: $60.18
- Close (Recent Tick): $60.19
- Volume: 0 (low participation observed in this phase)
What’s Driving the Pullback in Oil?
- Weak Global Demand Signals:
Slower-than-expected growth projections from the IMF and China’s muted energy consumption have dampened bullish momentum. - Geopolitical Calm:
While tensions persist in Eastern Europe and the Middle East, no immediate supply disruptions have emerged to trigger risk premium spikes. - U.S. Inventories in Focus:
Traders are awaiting the latest EIA crude inventory data later today, with forecasts suggesting a slight build. Any surprise increase could pressure prices further. - Dollar Strength:
The U.S. Dollar Index held firm, reducing attractiveness of dollar-denominated assets like oil for foreign buyers.
Technical Levels to Watch
| Level Type | Price Level |
|---|---|
| Immediate Support | $59.80 |
| Breakdown Risk | $59.50 |
| Immediate Resistance | $60.60 |
| Bullish Breakout Level | $61.30 |
If WTI falls below $59.80, selling pressure may intensify. On the flip side, a reclaim above $60.60–61.00 could reintroduce bullish interest.
Outlook: Oil Faces Tight Range, Awaiting Catalyst
Despite recent softness, analysts remain divided:
“Crude is in consolidation mode. Without a clear catalyst — like a supply disruption or a major inventory draw — prices are likely to remain rangebound,” said Rebecca Lin, Senior Commodities Analyst at ING.
“Watch the $59.80 support zone. A break below that could invite more short-term traders to sell the bounce,” added David Horowitz, Technical Strategist at Bloomberg Energy.
Cautious Sentiment Ahead of Inventory & Macro Events
While the crude oil price continues to hover above $60, sentiment remains tentative. The market appears to be waiting for confirmation — either in the form of demand-side recovery or supply-side disruptions — before committing to any strong directional trend.
Until then, expect continued sideways movement, with intraday volatility driven by dollar dynamics, inventory figures, and geopolitical signals.
The Hindustan Herald Is Your Source For The Latest In Business, Entertainment, Lifestyle, Breaking News, And Other News. Please Follow Us On Facebook, Instagram, Twitter, And LinkedIn To Receive Instantaneous Updates. Also Don’t Forget To Subscribe Our Telegram Channel @hindustanherald
