Oil prices plunged more than 2% on Wednesday after U.S. President Donald Trump took the first major step toward diplomacy over the war in Ukraine that he has vowed to end, a war that has supported oil prices amid concerns about global supply.
Brent crude futures fell $1.82, or 2.36%, to $75.18 a barrel. U.S. West Texas Intermediate (WTI) crude futures fell $1.95, or 2.66%, to $71.37.
U.S. crude futures fell more than $2 at their session lows. The declines followed three days of gains, with Brent up 3.6% and WTI up 3.7%.
U.S. President Donald Trump discussed the war in Ukraine in a phone call with Russian President Vladimir Putin and Ukrainian President Volodymyr Zelenskiy.
"Trump's peace talks, I think, have taken some of the risk premium off the oil price right now," said Phil Flynn, senior analyst at Price Futures Group.
In a post on his social media platform, Trump said he and Putin had "agreed that our respective teams will begin negotiations immediately, and we will begin by calling President Zelenskiy, of Ukraine, to let him know about the negotiations, which I will do now."
Zelenskiy's office said Trump and Zelenskiy spoke by phone for about an hour.
Investors are also trying to gauge the Federal Reserve's next move in cutting interest rates following comments on Tuesday by Fed Chairman Jerome Powell and after data on Wednesday showed U.S. consumer prices rose more than expected in January.
Source: Investing.com
Oil prices were little changed on Thursday (October 9) as investors weighed a ceasefire agreement in Gaza that could ease tensions in the Middle East against stalled peace talks in Ukraine that could ...
Oil fell for the first time in five sessions, as traders focused on the prospect of cooling tensions in the Middle East and higher US inventories. West Texas Intermediate fell below $62 a barrel...
Oil prices edged up about 1% to a one-week high on Wednesday as traders expected a lack of progress on a Ukraine peace deal to keep sanctions in place against Moscow, while a weekly report showed grow...
Oil prices rose more than 1% on Wednesday (October 8th), boosted by a smaller-than-expected production increase from the OPEC+ producer group next month, although concerns about oversupply limited fur...
Oil edged higher after a mixed US inventories report, with traders also focused on the broader outlook for supply as OPEC+ presses on with output increases and American production expands. West ...
European stock markets were trading mostly lower on Thursday, as a privatization bid by HSBC for its Hong Kong-based subsidiary dragged down the wider banking sector in the region. The pan-European Stoxx 600 declined by 0.4% and the FTSE 100 in...
Gold moved down from a record high early Thursday as traders take profits while the dollar rose to a two-month high. Spot Gold was last seen down 0,72% to $4,010.40 per ounce. The price of the precious metal has climbed 21% since Aug. 18 when it...
The S&P 500 and Nasdaq Composite reached new heights on Thursday as the market's march higher carries on. The broad market index hovered around the flatline, while the tech-heavy index dropped 0.2%. Both indexes had hit new all-time intraday...
Asia-Pacific markets traded mixed Wednesday, breaking ranks from Wall Street losses, after the World Bank raised the region's growth forecast...
Gold rises in the early Asian trade. There's a broad commodities uptrend, driven by macro uncertainty, a weaker dollar, and persistent demand for...
The S&P 500 and Nasdaq Composite closed at record highs on Monday, spurred by optimism about increased mergers and acquisitions activity after...
The S&P 500 and Nasdaq 100 extended record closes on Monday, rising 0.4% and 0.8%, fueled by AI-related dealmaking that boosted investor...