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Reuters
a day ago
- Business
- Reuters
Oil prices await Zelenskiy-Trump meeting clues on peace deal
LONDON, Aug 18 (Reuters) - Oil prices held steady on Monday as traders awaited clues from a meeting between U.S. President Donald Trump and Ukrainian President Volodymyr Zelenskiy as they attempt to come to a peace deal to end Europe's deadliest war in 80 years. Brent crude futures stood at $65.87 a barrel at 0847 GMT, while U.S. West Texas Intermediate crude was up 9 cents, or 0.14%, to $62.89 a barrel. Trump met Russian President Vladimir Putin in Alaska on Saturday and emerged more aligned with Moscow on seeking a peace deal instead of a ceasefire first. "Market focus now shifts to today's Washington meeting for signs of a deal that could eventually boost crude and gas supply. Meanwhile, in the week to August 12, speculators held the first-ever combined net short position in WTI (CME & ICE), leaving prices exposed to any upside surprises," said Saxo Bank's head of commodity strategy, Ole Hansen. "I don't believe the oil market has priced in a full peace dividend that potentially could see prices of crude and EU gas suffer further setbacks," Hansen added. White House trade adviser Peter Navarro's comments around India's purchases of Russian crude funding Moscow's war in Ukraine led to crude ticking up earlier in the session. "India acts as a global clearinghouse for Russian oil, converting embargoed crude into high-value exports while giving Moscow the dollars it needs," Navarro said. "The U.S. adviser's sharp words on India's Russian crude imports, paired with postponed trade talks, revive concerns that energy flows remain hostage to trade and diplomatic frictions, even as peace prospects in Ukraine brighten," said Priyanka Sachdeva, senior market analyst at brokerage Phillip Nova. On Saturday, Trump said he did not immediately need to consider retaliatory tariffs on countries such as China for buying Russian oil but might have to "in two or three weeks", cooling initial concerns about a disruption in Russian supply. China, the world's biggest oil importer, is the largest buyer of Russian oil, followed by India. Investors are also watching for clues from Federal Reserve Chairman Jerome Powell's comments at this week's Jackson Hole meeting regarding the path of U.S. interest rate cuts that could boost stocks to further records.
Reuters
6 days ago
- Business
- Reuters
Oil prices fall 1% after US crude build and ahead of Trump-Putin talks
NEW YORK, Aug 13 (Reuters) - Oil prices fell over 1% on Wednesday after a U.S. crude supply unexpectedly rose, but losses were limited after the U.S. Treasury Secretary said President Donald Trump could leverage sanctions at a meeting with Russian President Vladimir Putin. Brent crude futures dropped 80 cents, or 1.2%, to $65.32 a barrel by 10:46 a.m. EDT, while U.S. West Texas Intermediate crude futures fell 92 cents, or 1.5%, to $62.25 a barrel. U.S. crude stocks rose by 3 million barrels to 426.7 million barrels, the Energy Information Administration said on Wednesday. Analysts in a Reuters poll had expected a 275,000-barrel draw. Net U.S. crude imports rose last week by 699,000 barrels per day, EIA said. "These crude exports remain subpar from what we got used to, falling due to tariff pushback," said John Kilduff, partner at Again Capital in New York, adding continued lower exports could weigh on prices. The International Energy Agency on Wednesday raised its forecast for oil supply growth this year but lowered its demand forecast. Trump is expected to meet with Putin in Alaska on Friday to discuss ending Russia's war in Ukraine, which has shaken oil markets since February 2022. U.S. Treasury Secretary Scott Bessent on Wednesday said sanctions or secondary tariffs could be increased if the meeting does not go well, calling on European leaders to also leverage sanctions. "He will make it clear to President Putin that all options are on the table," Bessent told Bloomberg Television in an interview. Meanwhile, in its monthly report on Tuesday, OPEC+ raised its global oil demand forecast for next year and trimmed estimates of supply growth from the United States and other producers outside the wider group, pointing to a tighter market. "Were we to take an aggregate of the respective IEA and OPEC oil demand growth projections for 2025 at their respective bearish and bullish ends, even a modest middle figure, say just north of 1 million bpd, can easily be serviced by non-OPEC supply growth alone at the moment," said independent energy analyst Gaurav Sharma. "So, I don't see a bullish case for oil over the near-term horizon."
