Latest news with #U.S.WestTexasIntermediate
Shafaq News
a day ago
- Business
- Shafaq News
Oil holds steady as markets await outcome of Ukraine peace talks
Shafaq News – Singapore Oil prices were little changed on Wednesday as investors await the next steps in talks to end Russia's invasion of Ukraine, leaving in place sanctions on Russian crude and the chance of further restrictions on its buyers. Brent crude futures were at $65.90 a barrel, up 11 cents, at 0405 GMT. U.S. West Texas Intermediate crude futures for September delivery, set to expire on Wednesday, were at $62.40 a barrel, up 5 cents. The more-active October contract was at $61.90 a barrel, up 13 cents. Prices settled down more than 1% on Tuesday on optimism a deal to end the war seemed closer, which would mean the easing sanctions on Russia and an increase in global supply. "Crude markets are in limbo... continued protracted peace talks will keep the market on its toes," said Emril Jamil, a senior analyst at LSEG. Despite comments from U.S. President Donald Trump on Tuesday the U.S. might provide air support as part of a deal to end Russia's war in the country, he also conceded Russian President Vladimir Putin might not want to make a deal after all. Trump on Monday said he was arranging a meeting between Russian President Vladimir Putin and Zelenskiy, to be followed by a trilateral summit among the three presidents. Trump said on Tuesday he discussed holding possible talks between Zelenskiy and Putin in Hungary with the country's Prime Minister Viktor Orban. Russia has not confirmed it will take part in talks with Zelenskiy. "The likelihood of a quick resolution to the conflict with Russia now seems unlikely," said Daniel Hynes, senior commodity strategist at ANZ, in a note on Wednesday. In the U.S., BP (BP.L), opens new tab said on Tuesday operations at its 440,000-barrel-per-day refinery in Whiting, Indiana, were affected due to flooding caused by a severe thunderstorm overnight, potentially weighing on the facility's crude demand. The site is a key fuel producer for the Midwest market. Prices found some support as industry inventory report indicated steady crude and fuel demand in the U.S., the world's biggest oil consumer. U.S. crude oil inventories fell by 2.42 million barrels in the week ended August 15, market sources said on Tuesday, citing American Petroleum Institute figures. Gasoline inventories fell by 956,000 barrels, while distillate inventories rose by 535,000 barrels from last week, the sources said.
Business Recorder
a day ago
- Business
- Business Recorder
Oil little changed as investors await next steps in Ukraine peace talks
SINGAPORE: Oil prices were little changed on Wednesday as investors await the next steps in talks to end Russia's invasion of Ukraine, leaving in place sanctions on Russian crude and the chance of further restrictions on its buyers. Brent crude futures were at $65.90 a barrel, up 11 cents, at 0405 GMT. U.S. West Texas Intermediate crude futures for September delivery, set to expire on Wednesday, were at $62.40 a barrel, up 5 cents. The more-active October contract was at $61.90 a barrel, up 13 cents. Prices settled down more than 1% on Tuesday on optimism a deal to end the war seemed closer, which would mean the easing sanctions on Russia and an increase in global supply. 'Crude markets are in limbo… continued protracted peace talks will keep the market on its toes,' said Emril Jamil, a senior analyst at LSEG. Despite comments from U.S. President Donald Trump on Tuesday the U.S. might provide air support as part of a deal to end Russia's war in the country, he also conceded Russian President Vladimir Putin might not want to make a deal after all. Trump on Monday said he was arranging a meeting between Russian President Vladimir Putin and Zelenskiy, to be followed by a trilateral summit among the three presidents. Trump said on Tuesday he discussed holding possible talks between Zelenskiy and Putin in Hungary with the country's Prime Minister Viktor Orban. Russia has not confirmed it will take part in talks with Zelenskiy. 'The likelihood of a quick resolution to the conflict with Russia now seems unlikely,' said Daniel Hynes, senior commodity strategist at ANZ, in a note on Wednesday. In the U.S., BP said on Tuesday operations at its 440,000-barrel-per-day refinery in Whiting, Indiana, were affected due to flooding caused by a severe thunderstorm overnight, potentially weighing on the facility's crude demand. The site is a key fuel producer for the Midwest market. Prices found some support as industry inventory report indicated steady crude and fuel demand in the U.S., the world's biggest oil consumer. U.S. crude oil inventories fell by 2.42 million barrels in the week ended August 15, market sources said on Tuesday, citing American Petroleum Institute figures. Gasoline inventories fell by 956,000 barrels, while distillate inventories rose by 535,000 barrels from last week, the sources said.
Time of India
a day ago
- Business
- Time of India
Oil prices rise after supply concerns resurface as Ukraine peace talks stall
Oil prices rose on Wednesday as supply concerns are resurfacing while peace talks ending Russia's invasion of Ukraine are likely to take longer, leaving in place sanctions on Russian crude and raising the chance of further restrictions on its buyers. Brent crude futures were at $65.93 a barrel by 0149 GMT, up 14 cents, or 0.21%. U.S. West Texas Intermediate crude futures for September delivery, set to expire on Wednesday, rose 37 cents to $62.72 a barrel, up 0.59%. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like What Happens When You Massage Baking Soda Into Your Scalp Read More Undo The more-active October contract was at $61.92 a barrel, up 15 cents. Prices settled down more than 1% on Tuesday on optimism a deal to end the war seemed closer, which would mean the easing sanctions on Russia and an increase in global supply. However, despite comments from U.S. President Donald Trump on Tuesday the U.S. might provide air support as part of a deal to end Russia's war in the country, he also conceded Russian President Vladimir Putin might not want to make a deal after all. Live Events Trump on Monday said he was arranging a meeting between Russian President Vladimir Putin and Zelenskiy, to be followed by a trilateral summit among the three presidents. Trump said on Tuesday he discussed holding possible talks between Zelenskiy and Putin in Hungary with the country's Prime Minister Viktor Orban. Russia has not confirmed it will take part in talks with Zelenskiy. "The likelihood of a quick resolution to the conflict with Russia now seems unlikely," said Daniel Hynes, senior commodity strategist at ANZ, in a note on Wednesday. In the U.S., BP said on Tuesday operations at its 440,000-barrel-per-day refinery in Whiting, Indiana, were affected due to flooding caused by a severe thunderstorm overnight, potentially weighing on the facility's crude demand. The site is a key fuel producer for the Midwest market.
CNBC
2 days ago
- Business
- CNBC
Oil edges lower as market ponders potential Russia-Ukraine peace talks
Oil prices slipped in early Asian trade on Tuesday as market participants contemplated planned three-way talks among Russia, Ukraine and the U.S. to end the war in Ukraine, which could lead to an end to sanctions on Russian crude. Brent crude futures fell 7 cents, or 0.11%, to $66.53 a barrel by 0000 GMT. U.S. West Texas Intermediate crude futures for September delivery, set to expire on Wednesday, fell 6 cents, or 0.09%, to $63.36 per barrel. The more active October WTI contract was down 9 cents, or 0.14%, at $62.61 a barrel. Prices settled around 1% higher in the previous session. Following talks with Ukraine President Volodymyr Zelenskiy and a group of European allies in the White House on Monday, U.S. President Donald Trump said in a social media post he had called his Russian counterpart Vladimir Putin and begun arranging a meeting between Putin and Zelenskiy, to be followed by a trilateral summit among the three presidents. "An outcome which would see a ratcheting down of tensions and remove threats of secondary tariffs or sanctions would see oil drift lower toward our $58 per barrel Q4-25/Q1-26 average target," Bart Melek, head of commodity strategy at TD Securities said in a note. Zelenskiy described his direct talks with Trump as "very good" and said they had spoken about Ukraine's need for U.S. security guarantees. Trump has pressed for a quick end to Europe's deadliest war in 80 years, but Kyiv and its allies worry he could seek to force an agreement on Russia's terms. "A result which would see the U.S. apply pressure on Russia in the form of broader secondary tariffs against Russia's oil customers (as those now faced by India) would no doubt move crude to the highs seen a few weeks ago," Melek added.
Business Recorder
2 days ago
- Business
- Business Recorder
Oil edges lower as market ponders potential Russia-Ukraine peace talks
Oil prices slipped in early Asian trade on Tuesday as market participants contemplated planned three-way talks among Russia, Ukraine and the U.S. to end the war in Ukraine, which could lead to an end to sanctions on Russian crude. Brent crude futures fell 7 cents, or 0.11%, to $66.53 a barrel by 0000 GMT. U.S. West Texas Intermediate crude futures for September delivery, set to expire on Wednesday, fell 6 cents, or 0.09%, to $63.36 per barrel. The more active October WTI contract was down 9 cents, or 0.14%, at $62.61 a barrel. Prices settled around 1% higher in the previous session. Following talks with Ukraine President Volodymyr Zelenskiy and a group of European allies in the White House on Monday, U.S. President Donald Trump said in a social media post he had called his Russian counterpart Vladimir Putin and begun arranging a meeting between Putin and Zelenskiy, to be followed by a trilateral summit among the three presidents. 'An outcome which would see a ratcheting down of tensions and remove threats of secondary tariffs or sanctions would see oil drift lower toward our $58 per barrel Q4-25/Q1-26 average target,' Bart Melek, head of commodity strategy at TD Securities said in a note. Zelenskiy described his direct talks with Trump as 'very good' and said they had spoken about Ukraine's need for U.S. security guarantees. Trump has pressed for a quick end to Europe's deadliest war in 80 years, but Kyiv and its allies worry he could seek to force an agreement on Russia's terms. 'A result which would see the U.S. apply pressure on Russia in the form of broader secondary tariffs against Russia's oil customers (as those now faced by India) would no doubt move crude to the highs seen a few weeks ago,' Melek added.
