WTI crude fell to around $78.1 a barrel on Tuesday after a three-day rally. On Monday, crude hit a five-month high as tighter U.S. sanctions on Russia's energy industry threatened global supplies.
The restrictions have targeted major producers and hundreds of ships and tankers, forcing major buyers such as India and China to look for alternative sources. Early signs of disruption are already visible, with a senior Indian official saying sanctioned ships would be barred from unloading, and China securing oil supplies from the UAE and Oman.
In a related move, six European countries asked the EU on Monday to ease a $60-a-barrel price cap on Russian oil to curb Russia's war efforts in Ukraine.
However, weaker demand from China could limit the impact of tighter supplies, after data showed the country's crude imports fell in 2024 for the first time in two decades, excluding the pandemic period.
Source: Trading Economics
Oil prices stabilized on Thursday (February 12th), as the market reassigned a risk premium to US-Iran tensions despite US inventory data showing swelling domestic supplies. This movement confirms one ...
Oil prices rose on Wednesday (February 11th), supported by a combination of geopolitical risk premiums from US-Iran tensions and more solid Asian demand signals particularly from India which helped ea...
Oil remained in the green zone on Tuesday (February 10th), as the market refused to abandon the Middle East risk premium. As of 13:07 GMT (20:07 WIB), Brent rose +0.4% to $69.32/barrel, while WTI rose...
Oil prices fell about 1% on Monday as concerns about conflict in the Middle East eased slightly. The market calmed after the US and Iran agreed to resume talks on Tehran's nuclear program, reducing fe...
Oil prices moved slightly higher in a volatile session on Friday, as investors assessed the direction of nuclear negotiations between the United States and Iran. Price movements appeared sensitive to ...
Oil prices stabilized on Thursday (February 12th), as the market reassigned a risk premium to US-Iran tensions despite US inventory data showing swelling domestic supplies. This movement confirms one thing: geopolitical headlines are still more...
Gold prices weakened slightly on Thursday (February 12th), as more solid US employment data reduced market confidence in an imminent Federal Reserve interest rate cut. The strong employment data prompted market participants to shift expectations of...
The Hang Seng Index reversed its downward trend in Hong Kong on Thursday (February 12th), weakening by around 0.9% to around 27,000 after a strong session earlier. This decline halted the momentum of the short term rally, as investors began to...