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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.
Energy prices slide as oil extends a 10% monthly drop, natural gas stalls under EMAs, and markets await clarity on supply and geopolitical risks.
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.
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.