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Oil Prices Fall as Market Eyes US-Russia Talks on Ukraine
ALASKA, UNITED STATES, AUG 11 – Oil prices dropped about 5% last week as OPEC+ raised output and US-Russia talks raised hopes for easing Ukraine conflict and supply disruptions.
- On Monday, oil prices fell in early Asian trading, with Brent crude futures sliding toward $66 a barrel after last week’s 4.4% decline and WTI staying above $63.
- Amid expectations for sanctions relief, OPEC+ confirmed a 547,000 barrels per day output increase for September, easing supply fears.
- Brent fell 4.4% over the week ended Friday, and WTI lost 5.1% to close at $63.88.
- Equity-Index futures for the US and Europe rose as oil fell 0.5% on Friday, the seventh decline in eight days, ahead of Trump’s meeting with Putin.
- Later this week, Chinese retail sales and industrial production data will be parsed after weekend price data indicated fragile demand, IG analyst Tony Sycamore said.
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In early Asian trade this Monday, oil prices have continued to decline, while Brent crude dropped 52 cents to $66.07 per barrel and the U.S. West Texas Intermediate (WTI) dropped 58 cents to $63.30. But what is behind this drop that already surpassed 4% last week?As explained in Reuters' original report, several factors are at stake.From tariffs and production to war in UkraineSeveral global events have contributed to this drop in prices.First, …
Oil Dips on Russia Talks, Bitcoin Near Record High: Markets Wrap
(Bloomberg) -- Equity-index futures for the US and Europe rose and oil declined on speculation a meeting between US and Russian leaders will increase the chances of ending the war in Ukraine and boost crude supply.
·Bern, Switzerland
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Total News Sources26
Leaning Left1Leaning Right2Center5Last UpdatedBias Distribution63% Center
Bias Distribution
- 63% of the sources are Center
63% Center
13%
C 63%
R 25%
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