Oil prices moved steadily in Tuesday morning trading, with West Texas Intermediate (WTI) holding near US$59 per barrel after rising more than 1% on Monday, while Brent closed above US$63 per barrel. Risk-on sentiment in global financial markets supported prices, as stocks and other commodities rallied on expectations of further interest rate cuts by the Federal Reserve. The optimistic mood was also supported by the latest talks between US President Donald Trump and Chinese President Xi Jinping following last month's tariff truce agreement.
On the geopolitical front, the market is closely monitoring developments in Ukraine peace talks. Trump struck a positive tone regarding the prospects for a ceasefire after a series of weekend discussions reportedly narrowed differences over his latest peace proposal. If an agreement is reached, it is possible that the US and other countries will ease sanctions on Russia, potentially opening the floodgates for greater oil exports to a global market already facing the risk of oversupply.
For now, oil prices are likely to remain stable while awaiting further clarity on two fronts: the prospect of a Fed interest rate cut, which could support demand, and the dynamics of the Ukraine negotiations, which could alter the supply landscape. The WTI contract for January delivery was trading at around US$58.91 per barrel in Singapore this morning, while Brent for January delivery closed 1.3% higher at US$63.37 per barrel. (asd)
Source: Newsmaker.id
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