Oil held a three-day drop as investors assessed the impact of Western sanctions against leading Russian crude producers alongside a mixed industry estimate of US inventory changes.
West Texas Intermediate was steady near $60 a barrel after falling by almost 3% over the prior three sessions, while Brent closed above $64. US President Donald Trump will follow through and enforce harsh new sanctions against Moscow to pressure Vladimir Putin into negotiations to end the war in Ukraine, according to Matthew Whitaker, the US ambassador to NATO.
Meanwhile, the US industry report showed a 4-million-barrel drop in nationwide crude holdings, along with draws in gasoline and distillates. Still, the snapshot also flagged a rise in oil inventories at the key Cushing, Oklahoma, hub.
Oil is on track to notch a third monthly decline, with prices dragged lower by expectations for a global surplus as OPEC+ raises production. The alliance is set to meet this weekend, and may sign off on another increase in supply. Traders are also tracking progress toward a US-China trade deal, with Trump and Chinese counterpart Xi Jinping due to meet on Thursday.
Source: Bloomberg
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