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Oil prices slipped in early Asian trade on Tuesday as market participants contemplated planned three-way talks among Russia, Ukraine and the U.S. to end the war in Ukraine, which could lead to an end to sanctions on Russian crude.
Oil traders stay focused on geopolitical developments.
The crude oil market continues to see a lot of weakness on Monday, as we are still looking at a lot of drilling and production coming out of the United States, OPEC, and Russia. At this point in time, the market continues to look very “fade the rally.
White House trade adviser Peter Navarro wrote a strongly worded column in the Financial Times calling the dramatic increase in India's purchases of Russian oil since the invasion of Ukraine “opportunistic and deeply corrosive” of a global effort to isolate the Kremlin and curb Vladimir Putin's war machine. Lillianna Byington of Bloomberg Government has more.
WTI crude stuck under the 200-day MA as geopolitical tensions rise. Traders watching $61.12 support with bearish oil demand and futures sentiment.
The U.S. president Volodymyr Zelensky are set to meet on Monday. Russian oil remains a key economic pawn.
Natural gas and oil remain under pressure as geopolitical tensions, OPEC+ supply, and weak momentum weigh on market sentiment.
Crude traders await market reaction to Trump-Putin talks that could reshape Russian oil supply and shift the near-term oil outlook below key technical levels.
Crude oil holds a bearish bias below the 200-day MA, as traders await a 50-day break to confirm momentum. Geopolitics and weak China data add pressure.
Oil markets are set for a muted price reaction when they open on Sunday after U.S. President Donald Trump's and Russian leader Vladimir Putin's meeting in Alaska, at which Trump said a fully-fledged peace deal was the aim for Ukraine rather than a ceasefire.