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The WTI crude oil was last seen trading at $ 0.31 (or 0.50%) to $ 62.68 per barrel for October delivery.
As the Russian-Ukraine war enters 1,296, the two sides are constantly engaged in a air strike, which are important fatal.
A Ukrainian drone attack on Russia’s North -West Port primus (country’s largest oil and fuel export terminal) led the suspension of the night operations overnight.
After a failure in its efforts to broker a peace agreement between Russia and Ukraine, US President Donald Trump has said that war is a more American problem than Europe’s problem.
Week ago, to force Russia to come to the conversation table, Trump imposed a 25% “penalty tariff” on India – a major buyer of Russian oil – to bite Russia by obtaining billions of dollars through oil exports. However, Trump has now accepted to stress relations with the largest trading partner of America.
With Russia expressing strong rejection to Ukraine to reject the conversation with the Ukrainian President and join NATO, traders hope that Trump may soon impose heavy restrictions on Russia.
In the Middle East, on 9 September, the Israeli defense forces targeted Hamas leaders who gave shelter in Doha, Qatar, extended the regional conflict as the Qatari PM has vowed “fatal revenge”.
With these geo -political stresses, the concerns of the supply side of crude oil are increasing.
A monthly report by the International Energy Agency on Thursday indicated that the demand for global oil will increase rapidly this year 740,000 barrels per day, while OPEC+ member nations estimate an increase in a stator supply side due to output growth employed by member nations.
Eight OPEC+ nations agreed on Sunday in a virtual meeting to increase production of 137,000 barrels per day per day, starting in October. Although the output is much less than the monthly growth of about 555,000 BPD for September and August, and 411,000 BPD in July and June indicates that Cartel has begun to open the second installment of about 1.65 million BPD cuts, more than a year ahead of the schedule.
So far in 2025, oil prices have fallen by about 15%.
In the US, prescribed for 16 and 17 September with the next monetary policy meeting of the Federal Reserve, next week, investors are making heavy betting on the interest rate cut after reading this week’s inflation.
Analysts feel that the Fed’s decision next week will significantly affect the value of the US dollar, and in turn, crude oil, as it is a dollar-sect item.
The idea and opinion expressed here are the idea and opinion of the author and not necessarily Nasdac, Inc.
