Oil edged lower in the early Asian session amid hopes of peace in the Russia-Ukraine conflict.
Oil prices slid on Wednesday after Russia agreed to U.S. President Donald Trump's proposal that Moscow and Kyiv stop attacking each other's energy infrastructure temporarily, which could lead to more Russian oil entering global markets.
Crude oil failed to hold a bullish breakout, reversing lower after testing resistance. A break below $66.92 could signal further weakness despite nearby support.
Amrita Sen, Energy Aspects founder and director of research, discusses her forecast for crude oil prices on "Bloomberg The Close." -------- More on Bloomberg Television and Markets Like this video?
The crude oil markets continue to see a lot of noisy trading, as the three year support level continues to hold. At this point, the oil market is trying to turn things around, but this is always a noisy and messy process.
Kazakhstan's energy minister will stand down from his role, the country's presidential office said on Tuesday, as the government struggles to convince U.S. and European oil companies to lower production that exceeds OPEC+ targets.
Gazprom Neft is ready to raise oil output from April under the OPEC+ agreement, the head of the Russian oil producer said on Tuesday.
Oil futures rose Tuesday, on track for a third straight gain, as investors monitored rising Middle East tensions following U.S. attacks on Iran-backed Houthi rebels in Yemen over the weekend that drew threats of retaliation.
Crude jumps as Mideast supply fears and China's demand boost fuel a rally. Traders watch key resistance at $70 amid global uncertainty.
Crude oil holds gains as China's demand jumps 2.1%. Can it withstand global recession fears?
Rebecca Babin from CIBC Private Wealth US says oil prices are heading lower as what the President wants, but :for all the wrong reasons".