Crude Oil Prices Fall Slightly Ahead of European Trading Session

Crude Oil Prices Slip as European Session Opens; WTI and Brent Edge Lower

Crude oil prices continued to trend lower on Friday as markets opened in Europe, reflecting ongoing concerns about global demand and broader economic uncertainty. West Texas Intermediate (WTI) crude oil is trading at $61.14 per barrel, down slightly from Thursday’s closing price of $61.24.

Brent crude, the international benchmark, is also facing downward pressure, currently quoted at $64.16, compared to the previous close of $64.29. Both benchmarks are showing signs of hesitation after recent gains, with traders adjusting positions ahead of key economic data and updates from major oil producers.

The modest declines are largely attributed to a lack of strong bullish catalysts. Concerns remain over a potential slowdown in global economic activity, particularly in key markets like the U.S., China, and Europe, which could weigh on energy consumption. Additionally, recent U.S. inflation data, while softer than expected, has added to speculation over possible Federal Reserve rate cuts later this year — a development that could affect commodity demand and the U.S. Dollar’s trajectory.

Meanwhile, geopolitical risks in the Middle East and ongoing supply policy discussions among OPEC+ members are still on the radar but have not provided significant upward momentum for oil prices in the current session.

Market participants will now closely watch for fresh inventory data from the U.S., as well as macroeconomic indicators from major economies, to gauge the next potential direction for crude oil. The current technical outlook remains cautious, with WTI needing to hold above $60.50 to avoid deeper losses, while Brent faces support near the $63.80 level.