Latest news with #WestTexasIntermediate
Time of India
an hour ago
- Business
- Time of India
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. Live Events "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.
The Star
2 hours ago
- Business
- The Star
Oil prices edge higher ahead of Trump-Zelenskiy meeting
NEW YORK: Oil prices edged up on Monday as investors awaited talks between U.S. President Donald Trump and his Ukrainian counterpart after an inconclusive U.S.-Russia summit in Alaska on Friday. Brent crude futures rose 34 cents, or 0.52%, to $66.19 a barrel by 12:00 p.m. EDT (1600 GMT). U.S. West Texas Intermediate crude was up 38 cents, or 0.61%, at $63.18. Last week Brent eased by 1.1% while WTI dropped 1.7%. Ukrainian President Volodymyr Zelenskiy said on Monday he was ready to work to end the war with Russia ahead of a meeting with Trump where he could face pressure to accept terms favourable to Moscow. Investors are watching for clues on potential ramifications for global oil supply, with potential for either a tightening of sanctions or steps toward reconciliation. "The market is still locked in a speculative fervour right now," said Phil Flynn, a senior analyst with Price Futures Group. "Traders seem to be very pessimistic on prices, which either meant they were expecting a cease fire deal or they think President Trump won't follow though with the tough sanctions." Trump told Ukraine on Monday to give up hopes of getting back annexed Crimea or joining NATO, emerging more aligned with Moscow on seeking a peace deal instead of a ceasefire first after his meeting with Russian President Vladimir Putin in Alaska on Friday. The Alaska summit ended with no agreement to resolve or pause the war, though Trump emerged from talks more aligned with Moscow on seeking a peace deal rather than a ceasefire first. Meanwhile, White House trade adviser Peter Navarro said India's purchases of Russian crude were funding Moscow's war in Ukraine and had to stop, reviving concerns about supply flows. "India acts as a global clearing house for Russian oil, converting embargoed crude into high-value exports while giving Moscow the dollars it needs," Navarro said. Priyanka Sachdeva, senior market analyst at brokerage Phillip Nova, 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." Investors are also watching for clues on U.S. interest rates from Federal Reserve Chairman Jerome Powell's comments at this week's Jackson Hole meeting. - Reuters
New Straits Times
2 hours ago
- Business
- New Straits Times
Oil prices settle higher as investors focus on Trump-Zelenskyy meeting
Oil prices settled 1 per cent higher on Monday after talks between US President Donald Trump and his Ukrainian counterpart in the wake of an inconclusive US-Russia summit in Alaska on Friday. Brent crude futures settled 75 cents, or 1.14 per cent, higher at US$66.60 a barrel. US West Texas Intermediate crude gained about 62 cents, or 0.99 per cent, to US$63.42. Last week, Brent eased by 1.1 per cent while WTI dropped 1.7 per cent. Trump and Ukrainian President Volodymyr Zelenskiy met on Monday at the White House to discuss a path to ending Russia's war in Ukraine. Speaking to reporters in the Oval Office with Zelenskiy seated beside him, Trump expressed hope that Monday's summit could eventually lead to a trilateral meeting with Russian President Vladimir Putin, adding that he believes Putin wants the war to end. Trump told Ukraine on Monday to give up hopes of getting back annexed Crimea or joining NATO, emerging more aligned with Moscow on seeking a peace deal instead of a ceasefire first after his meeting with Putin on Friday. "I don't try to speculate on the outcome," said UBS analyst Giovanni Staunovo. "Now the market's focus is whether a date for the trilateral meeting will be announced." The Alaska summit ended with no agreement to resolve or pause the war, though Trump emerged from talks more aligned with Moscow on seeking a peace deal rather than a ceasefire first. Ukraine on Monday stepped up attacks on Russia's energy infrastructure. Its drones struck an oil pumping station in Russia's Tambov region, leading to the suspension of supplies via the Druzhba pipeline, providing some support to oil prices. Meanwhile, White House trade adviser Peter Navarro said India's purchases of Russian crude were funding the war in Ukraine and had to stop, reviving concerns about supply flows. "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. Priyanka Sachdeva, senior market analyst at brokerage Phillip Nova, said: "The US 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." Investors are also watching for clues on US interest rates from Federal Reserve Chairman Jerome Powell's comments at this week's Jackson Hole meeting. Elsewhere, Hamas agreed to a 60-day ceasefire proposal with Israel that includes the release of half the hostages held in Gaza and Israel's release of some Palestinian prisoners, an Egyptian official source said on Monday.
New Straits Times
2 hours ago
- Business
- New Straits Times
Oil prices settle higher as investors focus on Trump-Zelenskiy meeting
Oil prices settled 1 per cent higher on Monday after talks between US President Donald Trump and his Ukrainian counterpart in the wake of an inconclusive US-Russia summit in Alaska on Friday. Brent crude futures settled 75 cents, or 1.14 per cent, higher at US$66.60 a barrel. US West Texas Intermediate crude gained about 62 cents, or 0.99 per cent, to US$63.42. Last week, Brent eased by 1.1 per cent while WTI dropped 1.7 per cent. Trump and Ukrainian President Volodymyr Zelenskiy met on Monday at the White House to discuss a path to ending Russia's war in Ukraine. Speaking to reporters in the Oval Office with Zelenskiy seated beside him, Trump expressed hope that Monday's summit could eventually lead to a trilateral meeting with Russian President Vladimir Putin, adding that he believes Putin wants the war to end. Trump told Ukraine on Monday to give up hopes of getting back annexed Crimea or joining NATO, emerging more aligned with Moscow on seeking a peace deal instead of a ceasefire first after his meeting with Putin on Friday. "I don't try to speculate on the outcome," said UBS analyst Giovanni Staunovo. "Now the market's focus is whether a date for the trilateral meeting will be announced." The Alaska summit ended with no agreement to resolve or pause the war, though Trump emerged from talks more aligned with Moscow on seeking a peace deal rather than a ceasefire first. Ukraine on Monday stepped up attacks on Russia's energy infrastructure. Its drones struck an oil pumping station in Russia's Tambov region, leading to the suspension of supplies via the Druzhba pipeline, providing some support to oil prices. Meanwhile, White House trade adviser Peter Navarro said India's purchases of Russian crude were funding the war in Ukraine and had to stop, reviving concerns about supply flows. "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. Priyanka Sachdeva, senior market analyst at brokerage Phillip Nova, said: "The US 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." Investors are also watching for clues on US interest rates from Federal Reserve Chairman Jerome Powell's comments at this week's Jackson Hole meeting. Elsewhere, Hamas agreed to a 60-day ceasefire proposal with Israel that includes the release of half the hostages held in Gaza and Israel's release of some Palestinian prisoners, an Egyptian official source said on Monday.
RTÉ News
14 hours ago
- Business
- RTÉ News
Oil prices await Zelenskiy-Trump meeting clues on peace deal
Oil prices held steady today as traders awaited clues from a meeting between US 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 this morning, while US West Texas Intermediate crude was up nine 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 US 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 US interest rate cuts that could boost stocks to further records.
