WTI Crude oil futures witnessed modest gains today as geopolitical worries dominated the sentiments. The counter currently trades up 2.18% at $71.28 per barrel following a wild movement in last session that pulled the counter well off its six-month highs. However, $70 per barrel seems to be holding up for the commodity amid supportive equities and hopes of steady demand outlook in near term. In its June 2025 Monthly Oil Market Report yesterday, OPEC reaffirmed that global oil demand is set to increase by 1.3 million barrels per day in both 2025 and 2026, holding steady from last month’s outlook. This solid growth is expected to be led mainly by non-OECD countries such as China, India, and other fast-growing Asian economies, where consumption of gasoline, jet fuel, and diesel remains strong. For the second half of 2025 alone, demand is projected to climb by 1.4 million barrels per day as economic momentum in Asia continues to lift energy needs. Within the OECD region, demand growth will stay modest at about 0.2 mb/d in 2025 and just 0.1 mb/d in 2026, highlighting the clear divide in consumption trends. The report noted minor adjustments to actual data for the first quarter of 2025 but kept the broader forecast unchanged, underscoring confidence in steady global energy demand.
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