Oil prices rise post ECB rate cut

Oil drilling rigs

Oil prices rose today, June 5, as the European Central Bank (ECB) cut interest rates to support economic activity. This helped crude prices recover partially from a roughly 1% drop in the previous session due to a build-up in US gasoline and distillate inventories.

Brent crude futures for August delivery climbed 0.5%, or 33 cents, to $65.19 per barrel at 3:45 pm Makkah time.

Meanwhile, West Texas Intermediate (WTI) crude futures for July delivery rose by 0.5%, or 32 cents, to $63.17 per barrel.

Separately, the commander of the EU naval mission "Aspides" stated that Red Sea maritime traffic has increased by 60% to 37 ships per day since August 2024, following a decline in Houthi attacks after a ceasefire agreement was signed with the US, Reuters reported.

A survey conducted by law firm Haynes Boone indicated that 28 banks forecast that WTI crude will average $58.30 per barrel in 2025, down from the $61.89 per barrel projected in their Fall 2024 survey, OilPrice reported.