West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $69.30 on Wednesday. The WTI price trades flat after Ukraine used US ATACMS missiles to strike Russian territory for the first time.
On Tuesday, Russia's defense ministry said that Ukraine hit a facility in the Bryansk region with six ATACAMS missiles. In response, Russian President Vladimir Putin lowered the threshold for a possible nuclear strike. The rising geopolitical tensions could boost the WTI price for the time being. "This marks a renewed build up in tensions in the Russia-Ukraine war and brings back into focus the risk of supply disruptions in the oil market," ANZ Bank analyst Daniel Hynes said.
Additionally, Iranian supreme leader Ayatollah Ali Khamenei warned of a "crushing response" to Israel's recent air strikes on Iran, which raise concerns about the region's crude supply disruption. This, in turn, might contribute to the WTI's upside.
On the other hand, China's demand for oil slowed dramatically this year. China's crude oil imports in October fell from a year earlier for the sixth consecutive month, which might exert some selling pressure on the black gold as China is the world's major importer of crude oil.
Source: FXstreet
Oil prices rose again after OPEC+ confirmed plans to temporarily halt production increases during the first quarter. This Saudi Arabia-led decision is considered a response to seasonally weaker market...
Crude oil futures fell slightly on Friday (November 28th) as investors weighed the geopolitical risk premium on oil amid protracted Russia-Ukraine peace talks, while keeping an eye on Sunday's OPEC+ m...
Brent crude oil futures were flat on Friday (November 28th), while U.S. crude prices edged higher as protracted Russia-Ukraine peace talks kept geopolitical risks high, and traders continued to monito...
Brent crude oil futures inched up on Friday as drawn-out Russia-Ukraine peace talks kept geopolitical risks elevated, while traders kept one eye on the outcome of an OPEC+ meeting on Sunday for clues ...
Global oil prices are still trending lower and are now heading for their longest monthly decline in more than two years. West Texas Intermediate (WTI) is hovering around $59 per barrel, slightly above...
Hong Kong's equity market commenced Tuesday's trading session with modest gains, as investors displayed cautious optimism. The benchmark Hang Seng Index advanced by 86 points, or 0.33 per cent, to open at 25,945. Supporting the positive opening,...
Fundamentally, Brent crude oil is trending higher today, hovering around USD 63 per barrel, continuing its rebound from its lows in recent weeks. The main catalyst was the OPEC+ meeting, which decided to maintain current production levels until at...
Gold prices weakened in early December, dragged down by investor caution ahead of the Federal Reserve's looming interest rate decision. Amid speculation that the Fed was ready to cut rates again this month, market participants opted to hold back,...
Trading on the Chicago Mercantile Exchange (CME) was halted on Friday (November 28th) following a cooling issue at one of its data centers.
"Due to...
Conflicting signals from the Federal Reserve on the timing and magnitude of U.S. interest rate cuts have accelerated hedging flows into swaptions...
European stocks ended Friday in positive territory as investors digested the end of a choppy month.
The pan-European Stoxx 600 closed the session...
Both the STOXX 50 and the STOXX 600 hovered around the flatline on the final trading day of a volatile November, as the recent rally in global...