India
oi-Prakash KL
Crude Oil Price Today – April 16: Global oil prices edged lower in early Thursday trade as cautious optimism over easing tensions between the United States and Iran outweighed persistent concerns about supply disruptions in the Middle East.
Brent crude futures slipped by 44 cents, or 0.5 per cent, to $94.90 per barrel in early Asian hours, while US West Texas Intermediate (WTI) crude fell 70 cents, or 0.8 per cent, to $90.59, Reuters reported. The decline comes amid renewed diplomatic signals that could ease one of the most critical geopolitical risks facing energy markets.
Brent crude futures fell to $94.90 and WTI crude to $90.59 as cautious optimism over easing US-Iran tensions counterbalanced ongoing concerns about Middle East supply disruptions.
Crude Oil Price Today
| Commodity | Last Price | Change |
|---|---|---|
| WTI Crude | 90.59 | +0.28 |
| Brent Crude | 94.90 | -0.03 |
| Murban Crude | 100.85 | 0.00 |
| Natural Gas | 2.594 | -0.016 |
| Gasoline | 3.054 | -0.015 |
| Heating Oil | 3.790 | +0.037 |
Global Oil Basket & Regional Grades
| Crude Type | Price | Change | % Change |
|---|---|---|---|
| OPEC Basket | 109.89 | +4.61 | +4.38% |
| Indian Basket | 116.26 | -4.02 | -3.34% |
| Dubai Crude | 100.75 | -1.95 | -1.90% |
| Urals | 117.46 | -3.36 | -2.78% |
| Mexican Basket | 88.87 | -5.55 | -5.88% |
| DME Oman | 99.03 | -4.16 | -4.03% |
North America & Other Benchmarks
| Grade | Price | Change | % Change |
|---|---|---|---|
| Western Canadian Select | 78.93 | -7.80 | -8.99% |
| Louisiana Light | 105.97 | +2.71 | +2.62% |
| Mars | 116.57 | -9.35 | -7.43% |
| ANS West Coast | 110.61 | +2.56 | +2.37% |
Gas & Energy Markets
| Commodity | Price | Change | % Change |
|---|---|---|---|
| Dutch TTF Natural Gas | 15.03 | -0.81 | -5.13% |
| LNG Japan/Korea Marker | 19.42 | -0.07 | -0.38% |
| AECO Natural Gas | 0.840 | -0.120 | -12.50% |
| Ethanol | 1.910 | -0.018 | -0.91% |
Despite Thursday’s dip, both Brent and WTI settled largely unchanged in the previous session, reflecting a market caught between geopolitical risk and diplomatic hope.
Investor sentiment improved slightly after reports suggested that Iran may allow vessels to pass through the Omani side of the strategically crucial Strait of Hormuz if a broader agreement is reached. The strait handles nearly 20 per cent of global oil and liquefied natural gas flows, making it one of the most vital chokepoints in global energy supply.
However, analysts remain cautious. Toshitaka Tazawa of Fujitomi Securities told the news agency that markets have seen repeated breakdowns in US-Iran talks despite early signs of progress. As a result, traders are likely to remain wary until a concrete agreement is reached and safe navigation through the Strait of Hormuz is fully restored. He expects WTI crude to fluctuate within the $80-$100 per barrel range in the near term.
Meanwhile, supply-side pressures continue to provide underlying support to prices. The ongoing conflict involving Iran has already disrupted global energy flows, exacerbated by a US-led blockade on Iranian shipping, which has significantly curtailed the country’s oil exports.
Further tightening sentiment, the US Treasury has indicated it will not renew waivers that previously allowed limited purchases of Iranian and Russian oil without sanctions.
On the inventory front, the US Energy Information Administration reported a decline of 913,000 barrels in crude stockpiles for the week ending April 10, against market expectations of a modest build. The unexpected drawdown points to steady demand, offering some support to prices even as geopolitical developments drive short-term volatility.
Overall, oil markets remain finely balanced, with traders closely watching diplomatic developments, supply disruptions, and inventory trends for clearer direction in the days ahead.
With inputs from agencies
