Oil prices are likely to fall if U.S. President Donald Trump can help broker a cease-fire in eastern Europe.
The oil market has shown weakness again in the early hours of Thursday, as traders continue to worry about tariffs and a potential trade war. Nonetheless, there is still a lot of support below.
Oil futures fell Thursday morning, on track for back-to-back losses a day after President Trump said he and President Vladimir Putin of Russia had agreed to begin talks toward ending the war in Ukraine.
Oil futures slide below key levels as traders eye $70.38 support. Ukraine peace talks and rising U.S. inventories add bearish pressure.
Natural gas and oil prices dip 2% as inventories surge and geopolitical tensions ease. Can key support levels hold, or will further declines follow?
WTI crude oil remains under bearish pressure, while natural gas prices are bullish above the $3 level.
Oil prices fell on Thursday on expectations a potential peace deal between Ukraine and Russia would mean the end of sanctions that have disrupted supply flows and U.S. President Donald Trump's intention to introduce reciprocal tariffs stoked inflation jitters.
Magda Chambriard, Chief Executive Officer of Brazilian state-controlled oil company Petrobras, says the firm can withstand lower oil prices following US President Donald Trump's vow to boost production for cheaper crude. Petrobras, with established markets in China and India, has a strategic plan that is "resilient" to oil at $65 a barrel, Chambriard said during an interview with Bloomberg's Menaka Doshi in New Delhi.
Magda Chambriard, Chief Executive Officer of Brazilian state-controlled oil company Petroleo Brasileiro SA, says the firm can withstand lower oil prices following US President Donald Trump's vow to boost production for cheaper crude. Petrobras, with established markets in China and India, has a strategic plan that is "resilient" to oil at $65 a barrel, Chambriard said during an interview with Bloomberg's Menaka Doshi in New Delhi.
The crude oil market continues to see a lot of noisy trading at this point, and as a result, the market is likely to see some volatility going forward.
OPEC on Wednesday stuck to its forecast for relatively strong growth in global oil demand in 2025, saying air and road travel would support consumption and potential trade tariffs were not expected to impact economic growth.
Oil futures fell Wednesday, threatening to end a three-day winning streak, after industry data showed a large rise in U.S. crude inventories.