Oil markets are losing ground as traders focus on rising supply and weak demand.
WTI holds $59.23 support as Ukraine strikes raise supply risk and refine output drops, keeping crude steady with a mild bullish bias.
Trump's special envoy Witkoff is discussing the details of a Ukraine peace plan with Russia's Putin in Moscow.
Crude oil weakens again on Wednesday as both WTI and Brent struggle under oversupply concerns and downward technical pressure. Short-term rallies remain selling opportunities, with key support zones at $55 for WTI and $60 for Brent.
Oil traders worry that Russian oil exports may increase in case the peace deal is secured.
WTI crude tests $59 support as traders eye a triangle breakout; natural gas slips below $4.40 with bearish momentum building across energy markets.
Traders worry that Russia's oil exports may decline.
WTI rebounds on tighter supply expectations as sanctions loom, while natural gas holds its uptrend and Brent stabilizes despite rising global surplus concerns.
Oil prices gained some ground despite the EIA report, which indicated that crude inventories increased by 6.4 million barrels from the previous week.
WTI's Q3 earnings gain on higher production volumes, partially offset by weaker price realizations.
Oil traders are not ready for big moves amid lack of strong catalysts.
W&T (WTI) appears to have found support after losing some value lately, as indicated by the formation of a hammer chart. In addition to this technical chart pattern, strong agreement among Wall Street analysts in revising earnings estimates higher enhances the stock's potential for a turnaround in the near term.