Oil prices continued to fall in on Tuesday after U.S. President Donald Trump paused military aid to Ukraine and as markets braced for U.S. tariffs on Canada, Mexico and China to take effect.
Brent futures fell 54 cents, or 0.75%, to $71.08 a barrel by 0149 GMT, while U.S. West Texas Intermediate (WTI) crude fell 36 cents, or 0.53%, to $68.01.
The pause to all U.S. military aid to Ukraine confirmed by a White House official on Monday followed Trump's Oval Office clash with Ukrainian President Volodymyr Zelenskiy last week.
The market has viewed the growing distance between the White House and Ukraine as a sign of a potential easing of the conflict that could lead to sanctions relief for Russia and more oil supply returning to the market.
The pause followed a Reuters report that the White House has asked the State and Treasury departments to draft a list of sanctions that could be eased for U.S. officials to discuss with Russian representatives in the coming days as part of talks with Moscow, according to sources.
However, Goldman Sachs analysts have said that Russian oil flows are constrained more by Russia's OPEC+ production target than sanctions and that an easing might not significantly increase flows.
A decision by OPEC+ to proceed with a planned oil output increase of 138,000 barrels per day, the first since 2022, is also weighing on prices. Oil prices fell about 2% to a 12-week low on Monday on the news and on worries that fresh U.S. tariffs will hurt global economic growth.
Source: Investing.com
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...