Oil prices weakened after three consecutive sessions of gains as traders assessed the latest US stockpiles data and awaited the Federal Reserve's interest rate decision later Wednesday.
West Texas Intermediate (WTI) prices held around $64 per barrel after rising 3.4% in the previous three sessions. The commodity weakened as traders shrugged off the latest US stockpiles data, which showed crude inventories fell by 9.29 million barrels amid a significant increase in exports.
However, adjustment factors surged and distillate inventories rose to their highest level since January, adding to the bearish bias of the report. "Traders want to see domestic demand pulling up inventories," rather than exports, said Dennis Kissler, senior vice president for trading at BOK Financial Securities.
The distillate buildup also hampered the rally following Ukraine's attack on the Saratov refinery, the latest attack on Russian energy facilities—which has helped cut OPEC+ member production to post-pandemic lows, according to Goldman Sachs Group Inc. However, the strike hasn't been enough to push oil out of the $5 range it has held for much of the past month and a half, oscillating between geopolitical tensions and weakening fundamentals.
The accelerated return of OPEC+ supply has raised expectations of a looming oversupply later in the year, while surging oil tanker earnings offer a signal of higher production.
Later Wednesday, the Federal Reserve is expected to make its decision on interest rates. A quarter-point cut and three more in April are currently priced in.
"The possibility of a rate cut itself is already fully priced in; what matters is the wording and projections," City Index and Forex.com analyst Fawad Razaqzada wrote in a note, referring to a 25 basis point cut. "Traders want to see clues about the exact cutting cycle."
Brent's implied volatility eased for the second month after falling to its lowest level in more than three weeks on Monday, as prices remained within the narrow range seen since early August. (alg)
Source: Bloomberg
Oil prices eased on Wednesday, after rising more than 1% in the previous session, though ongoing geopolitical jitters provided a floor for the market, with traders eyeing an expected interest rate cut...
Oil steadied after a three-day gain as traders assess the fallout from Ukrainian attacks on Russian crude infrastructure. West Texas Intermediate rose toward $65 a barrel after gaining 3.4% in t...
Oil prices rose more than a dollar a barrel on Tuesday (September 16th), as traders weighed the possibility of disruptions to Russian supplies from Ukrainian drone attacks on its ports and refineries,...
Oil prices rose as pressure on Russia's oil industry and the escalating conflict in the Middle East intensified. West Texas Intermediate (WTI) crude rose as much as 2% to $64 per barrel after Reuters ...
Oil prices are mixed in the early Asian trade, but may be supported by supply-disruption risks. Ukraine has stepped up attacks on Russia's energy infrastructure, ANZ Research analysts say in a researc...
The Federal Reserve cut the federal funds rate by 25bps during its September 2025 meeting, bringing it to the 4.00%–4.25% range, in line with expectations. It is the first reduction in borrowing costs since December. Newly appointed Governor...
The United States Federal Reserve (Fed) will announce its monetary policy decision and publish its revised Summary of Economic Projections (SEP), known as the dot plot, after its September policy meeting on Wednesday. Market participants widely...
Oil prices weakened after three consecutive sessions of gains as traders assessed the latest US stockpiles data and awaited the Federal Reserve's interest rate decision later Wednesday. West Texas Intermediate (WTI) prices held around $64 per...
President Donald Trump said on Tuesday that the US and China have reached a deal on TikTok. The deal will transfer the assets of the ByteDance-owned...
The U.S. Federal Reserve holds its latest policy meeting this week with a historic challenge to its leadership pending in the courts and a rushed...
European stocks edged lower on Tuesday, with both the STOXX 50 and STOXX 600 slipping 0.2%, pausing after three straight sessions of gains. Traders...
US stocks closed higher on Monday (September 15), driven by gains in technology stocks after President Donald Trump indicated that U.S.-China trade...