Oil prices were little changed on Wednesday as investors await the next steps in talks to end Russia's invasion of Ukraine, leaving in place sanctions on Russian crude and the chance of further restrictions on its buyers.
Brent crude futures were at $65.90 a barrel, up 11 cents, at 0405 GMT. U.S. West Texas Intermediate crude futures for September delivery, set to expire on Wednesday, were at $62.40 a barrel, up 5 cents. The more-active October contract was at $61.90 a barrel, up 13 cents.
Prices settled down more than 1% on Tuesday on optimism a deal to end the war seemed closer, which would mean the easing sanctions on Russia and an increase in global supply.
"Crude markets are in limbo... continued protracted peace talks will keep the market on its toes," said Emril Jamil, a senior analyst at LSEG.
Despite comments from U.S. President Donald Trump on Tuesday the U.S. might provide air support as part of a deal to end Russia's war in the country, he also conceded Russian President Vladimir Putin might not want to make a deal after all.
Trump on Monday said he was arranging a meeting between Russian President Vladimir Putin and Zelenskiy, to be followed by a trilateral summit among the three presidents.
Trump said on Tuesday he discussed holding possible talks between Zelenskiy and Putin in Hungary with the country's Prime Minister Viktor Orban.
Russia has not confirmed it will take part in talks with Zelenskiy.
"The likelihood of a quick resolution to the conflict with Russia now seems unlikely," said Daniel Hynes, senior commodity strategist at ANZ, in a note on Wednesday.
In the U.S., BP said on Tuesday operations at its 440,000-barrel-per-day refinery in Whiting, Indiana, were affected due to flooding caused by a severe thunderstorm overnight, potentially weighing on the facility's crude demand. The site is a key fuel producer for the Midwest market.
Prices found some support as industry inventory report indicated steady crude and fuel demand in the U.S., the world's biggest oil consumer.
Source: Reuters
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...