Oil prices were little changed on Wednesday, after falling the previous day, as a dip in U.S. crude stockpiles and expectations of supply disruptions from sanctions on Russian tankers lent support amid forecasts for lower global fuel demand.
Oil edged higher in the early Asian trade as supply-side pressures from U.S. sanctions against Russia's oil industry likely supported prices, Exness said.
Natural-gas prices are predicted to keep rising even as oil prices dip because of slowing demand growth.
Crude oil surged to 79.38, breaking resistance and confirming strength, but overbought signals suggest a possible pullback or consolidation before further gains.
Host of "Oh My World!" and former US Treasury Spokesperson for Terrorism and Financial Intelligence Hagar Chemali joins Catalyst to discuss oil (BZ=F, CL=F) market moves amid recent US sanctions against Russia.
GasBuddy Head of Petroleum Analysis Patrick De Haan joins Asking for a Trend to discuss Monday's oil (CL=F, BZ=F) price rally. De Haan attributes the price surge to EU and American sanctions on dark vessels transporting Russian and Iranian crude, "coupled with a lot of short covering.
The oil markets look likely to take a bit of a break on Tuesday, as early hours trading have seen the markets pull back a bit form the massive resistance barrier that I have been watching. However, I fully expect these markets to turn bullish again very soon.
Saul Kavonic of MST Financial says that President-elect Trump's likely "maximum pressure" approach on Iran could lead to oil supply being tighter than what he wants and that the geopolitical risks for oil prices are to the upside.
The European Union's foreign affairs chief Kaja Kallas said Ukraine's allies should work toward lowering the price cap on Russian oil to deprive Moscow of revenue. Russia is "struggling because their national fund is depleted and they don't get the same revenues that they did from oil and gas.
Oil futures pulled back Tuesday, giving back some ground after a three-day rally boosted by a new round of U.S. sanctions on Russia's oil industry lifted crude prices to four-month highs.
Crude oil markets brace for inflation data as Russian sanctions threaten supply. WTI futures target $81.33 but face resistance near $79.61 first.
Oil holds near $80 as U.S. sanctions tighten supply; traders eye upcoming inflation reports for clues on Fed rate cuts.