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Oil and gas markets remain fragile with OPEC+ supply gains, sanctions risks, and volatile demand shaping near-term outlook. Read the full forecast now.
Oil prices rose on Wednesday as supply concerns are resurfacing while peace talks ending Russia's invasion of Ukraine are likely to take longer, leaving in place sanctions on Russian crude and raising the chance of further restrictions on its buyers.
Crude oil extended its consolidation activity Tuesday, holding between $62.19 support and $64.18 resistance, as traders weigh potential bearish continuation against signs of short-term reversal.
Oil traders cut their bets on additional Russia-related sanctions.
The crude oil markets look soft on Tuesday as we continue to see a lot of problems with the massive amount of supply being pumped into the markets are the moment. The market continues to look at the lack of demand as an issue as well.
India's Russian oil imports declined in July after jumping the previous month as some refiners slowed purchases due to smaller discounts, while Indian fuel demand also typically dips during the monsoon season, according to trade sources and data.
Treasury Secretary Scott Bessent accused India of profiteering from Russian oil by refining and reselling it elsewhere in the world. Bessent condemned the practice as "arbitrage.
Treasury Secretary Scott Bessent joins 'Squawk Box' to discuss the Alaska summit between President Trump and Russian President Vladimir Putin, Trump's meeting with Ukrainian President Zelenskyy and other European leaders, Trump administration's decision to allow Nvidia and AMD to sell chips to China in exchange for 15% of revenues from the chip sales, reports of the government taking a stake in Intel, candidates to replace Fed Chair Powell, and more.
Crude oil stalls below key resistance as Russia-Ukraine talks ease sanctions risk, fueling a bearish outlook and raising supply concerns for futures.
Oil and natural gas markets remain pressured as WTI crude shows bearish momentum, natural gas steadies at long-term support, and the US Dollar Index signals further downside amid geopolitical uncertainty and policy shifts.