Oil maintained a five-day losing streak, its longest losing streak since January, as investors looked beyond US efforts to punish buyers of Russian crude, while following President Donald Trump's diplomatic push to end the war in Ukraine.
West Texas Intermediate crude was little changed at just under $65 a barrel after dropping to its lowest closing level since early June, while Brent closed just below $67. On Wednesday, Trump doubled tariffs on Indian goods to 50% due to the country's purchases of Russian energy, with the tariffs set to take effect in three weeks. However, no similar US action has been taken against China, another major importer of Moscow's oil.
On the diplomatic front, Trump said there was a "high probability" he would soon meet with Russian President Vladimir Putin and his Ukrainian counterpart, Volodymyr Zelenskiy, in another effort to broker peace between the two countries. He also said there would be "more" penalties related to Russian oil purchases, without providing further details.
Crude oil prices have fallen sharply so far in August after posting three consecutive months of gains. Traders are positioning for a potential oversupply later this year after OPEC+ returns millions of barrels of shut-in capacity to the market. Furthermore, there are concerns about slowing economic growth and the potential weakening of energy consumption due to the negative impact of Trump's broader trade tariffs. (alg)
Source: Bloomberg
Oil prices fell on Wednesday to a five-month low due to escalating US-China trade tensions and the International Energy Agency's (IEA) prediction of a supply surplus in 2026. Brent crude fell 48 cent...
Oil prices plummeted on Wednesday (October 15th), holding near five-month lows for a second day, pressured by escalating US-China trade tensions and the International Energy Agency's (IEA) prediction ...
Oil prices stabilized after hitting a 5-month low. WTI hovered near $59/barrel and Brent around $62, indicating the market remains hesitant after the previous sharp decline. The IEA predicts an unpre...
Oil prices fell on Tuesday (October 14th), closing 1.5% lower as the International Energy Agency (IEA) warned of a large oversupply by 2026, and due to ongoing trade tensions between the US and China,...
Oil prices plunged more than 2% on Tuesday as the International Energy Agency (IEA) warned of a significant oversupply by 2026, and due to ongoing trade tensions between the US and China, the world's ...
Oil prices fell on Wednesday to a five-month low due to escalating US-China trade tensions and the International Energy Agency's (IEA) prediction of a supply surplus in 2026. Brent crude fell 48 cents, or 0.8%, to $61.91 per barrel. US West Texas...
Gold prices breached $4,200 per ounce for the first time on Wednesday, extending a record rally as rising interest rate cut bets and geopolitical jitters send investors flocking to the safe-haven metal. Spot gold rose 1.3% to $4,195.35 per ounce...
Ukraine has imposed emergency power outages in all but two regions following a series of Russian attacks that have crippled the country's energy system, officials said Wednesday. Russia has stepped up attacks on Ukrainian energy facilities ahead...
Asia-Pacific markets traded mixed Tuesday, breaking ranks with Wall Street that soared after U.S. President Donald Trump softened his stance on...
European stocks started the week in positive territory, with the STOXX 50 rising 0.9% and the STOXX 600 adding 0.6%, as traders geared up for the...
President Donald Trump arrived in the Egyptian resort of Sharm El-Sheikh on Monday for a summit with several other world leaders aimed at ensuring...
President Donald Trump's administration on Sunday signaled openness to a trade deal with China, even as tensions escalated over Beijing's new export...