Left Banner
Right Banner

Oil prices rise on tight...

(Reuters) - Oil prices climbed on Wednesday on worries that sliding output in sanctions-hit Russ...

Oil prices rise on tight supply outlook as Russia spurns peace talks

Oil prices rise on tight supply outlook as Russia spurns peace talks

(Reuters) - Oil prices climbed on Wednesday on worries that sliding output in sanctions-hit Russia, the world's second-biggest oil exporter, will tighten supply after Moscow said peace talks to resolve its invasion of Ukraine had come to a dead end.

lite_finance

Brent crude futures rose 59 cents, or 0.6%, to $105.23 a barrel at 0053 GMT, while U.S. West Texas Intermediate (WTI) crude futures jumped 60 cents, or 0.6%, to $101.20 a barrel. 

Both contracts surged more than 6% in the previous session.

Russian President Vladimir Putin on Tuesday blamed Ukraine for derailing peace talks and said Moscow would not let up on what it calls a "special operation" to disarm its western neighbor.

enlightenedTop THREE Award-Winning Brokers in 2022 enlightened
LiteFinance 
IC Markets
Exness


"Russian President Vladimir Putin said peace talks with Ukraine are 'at a dead end', while suggesting the seven-week offensive is going to plan. This raises the specter of the continued risk of supply disruptions in the oil market," ANZ oil analysts said.

The latest data showed Russian oil and gas condensate production dropped below 10 million BPD on Monday, its lowest level since July 2020, as sanctions imposed by many countries after Russia invaded Ukraine and logistical constraints hamper trade, people familiar with the data said on Tuesday.

yes
Recent Topic:


Top 10 Forex Indicators For Every Forex Trader


Macron Faces A Tough Fight As France Votes On Sunday.

Energy Minister Nikolai Shulginov said late on Tuesday the country was prepared to sell oil and oil products to "friendly countries in any price range," adding that Moscow was focused on ensuring the oil industry continues to function, Interfax news agency said.

yesRevealed In 2022

What indicators do professional traders use?


Meanwhile, emerging reports of partial easing of some of China's tight COVID-19 lockdowns have helped stoke bullish sentiment among some market players this week.

At the same, U.S. fuel demand appeared to be strong, as industry data showed gasoline stocks fell by 5.1 million barrels and distillate stocks fell by 5 million barrels, market sources said, citing American Petroleum Institute figures.

The declines were much bigger than analysts polled by Reuters had expected.