Oil steadied after two-day drop as investors weighed signs of glut and the fallout from western sanctions on Russian producers.
West Texas Intermediate traded near $61, while Brent closed below $66 on Monday. The amount of oil being shipped across the world's oceans hit a fresh record, a sign supplies are continuing to mount. In addition, OPEC+ may agree to add more production at a meeting this weekend.
US sanctions against Russia's biggest oil companies — which lifted crude last week — were also in focus. Washington has floated a six-month deadline for Berlin to sort out the ownership limbo affecting the German assets of Rosneft PJSC. Meanwhile, officials familiar with the matter said the administration's plan is to make Russia's trade costlier and riskier, but without spiking prices.
Oil is headed for a third straight monthly loss as concerns about a surplus weigh on prices, with OPEC+ and rival drillers both stepping up output. Traders are also tracking progress toward a US-China trade deal, with President Donald Trump and his Chinese counterpart Xi Jinping due to meet at a summit on Thursday after negotiators cleared the way for an agreement.
Source: Bloomberg
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...