Oil prices held steady on Wednesday (August 27th), after falling in the previous session, as investors monitored the latest developments in the Ukraine war and weighed industry reports showing a decline in US crude inventories.
US special envoy Steve Witkoff said on Tuesday that he would meet with Ukrainian representatives in New York this week, adding that Washington was also negotiating with Russia to try to end the war.
Brent crude futures fell 4 cents to $67.18 a barrel at 08:20 GMT, while West Texas Intermediate (WTI) crude futures fell 3 cents to $63.22. Both contracts fell more than 2% on Tuesday after starting the week at their highest levels since early August.
Crude prices received some support on Wednesday from the American Petroleum Institute's weekly supply report, which market sources said showed US crude, gasoline, and distillate inventories fell last week. Official inventory data will be released at 14:30 GMT. The API report helped stabilize prices, said Tamas Varga of oil broker PVM.
In the latest development, Russian oil refineries have been hit by Ukrainian drone attacks, forcing them to export crude oil they cannot process. Russia has revised its planned crude exports from western ports by 200,000 barrels per day in August from the original schedule after last week's attacks, three people familiar with the matter said on Tuesday. (alg)
Source: Reuters
Oil steadies but supply fear keeps it on track for weekly gain Oil prices were little changed on Friday, stabilising after the previous day's surge and remaining on track for a weekly gain as fresh U...
Oil prices are headed for their biggest weekly gain since June after the US imposed sanctions on major Russian producers Rosneft and Lukoil, potentially disrupting supply and shifting demand to altern...
Oil prices surged about 5% to a two-week high on Thursday (October 23rd) after the US imposed sanctions on major Russian suppliers Rosneft (ROSN.MM) and Lukoil (LKOH.MM) over Moscow's war in Ukraine, ...
Oil prices surged after the US announced sanctions on Russia's largest oil companies, threatening supplies from one of the world's largest oil producers. West Texas Intermediate crude jumped 6.2% to ...
Oil jumped after the US announced sanctions on Russia's biggest producers, as President Donald Trump ramps up pressure on his counterpart Vladimir Putin to negotiate an end to the war in Ukraine....
Silver (XAG/USD) weakened on Friday, trading around $48.85 per troy ounce at the time of writing, down 0.10% for the day, as the market consolidated below the psychological $49 level. The precious metal is taking a breather after its recent rally,...
The U.S. Trade Representative on Friday announced the launch of an investigation into China's implementation of the trade agreement signed during President Donald Trump's first term. "The launch of this investigation underscores the Trump...
European stocks closed slightly higher on Friday amid a mix of corporate earnings reports, while markets assessed the outlook for European growth and interest rates. The STOXX 50 edged up to 5,674, and the STOXX 600 gained 0.2% to close at a record...
The Fed will meet on October 28-29, 2025. This meeting is crucial because the market still considers the possibility of an interest rate cut, but...
U.S. Trade Representative Jamieson Greer said he and Treasury Secretary Scott Bessent will head to Malaysia on Wednesday to meet with Chinese...
Asia-Pacific markets fell Thursday, tracking Wall Street's declines on concerns about U.S.-China trade relations.
Trade fears resurfaced after...
European stock markets closed mostly lower in Wednesday trading as The Stoxx Europe was off 0.15%, Germany's DAX declined 0.71%, France's CAC lost...