The price of WTI oil goes up again, reaching close to $57.85 during the early European trading session on Tuesday.
US-led discussions aimed at ending the war in Ukraine did not result in any significant progress.
The report about crude oil stockpiles via the API is scheduled to be released later on Tuesday.
West Texas Intermediate (WTI), which is the main marker for US crude oil, is currently priced at about $57.85 during early European trading hours on Tuesday. The price of WTI is continuing to rise because there hasn't been any progress on a peace agreement in Ukraine and because of ongoing geopolitical uncertainties.
US President Donald Trump said on Sunday that he has made "a lot of progress" in discussions with Ukrainian President Volodymyr Zelenskiy about a potential peace agreement. However, Trump added that there hasn't been any clear progress on the main issue of territory, and it may take a few weeks to resolve that.
Russia said Ukraine launched a drone attack on the Russian president's home in the north, which made Moscow think again about its position in peace talks, according to Reuters. Ukraine refused to accept Russia's claims about the drone attack, and its foreign minister claimed that Russia is trying to find "false reasons" to carry out more attacks on Ukraine. This could hurt the chances of peace in Ukraine, which might help the price of WTI oil rise in the short term.
On the other hand, worries about too much oil supply worldwide might lower the price of WTI. The group of oil-producing countries, including OPEC+, decided to increase production by 137,000 barrels per day in December.
Traders will look more closely at the American Petroleum Institute (API) report on crude oil stockpiles, which will come out later on Tuesday. If the report shows a bigger drop in oil stocks than expected, it means people are buying more oil, which could make the price of WTI go up. But if the report shows a larger increase in stockpiles than expected, it might mean people are buying less oil or there's too much supply, which could cause the price of WTI to fall.
US-led discussions aimed at ending the war in Ukraine did not result in any significant progress.
The report about crude oil stockpiles via the API is scheduled to be released later on Tuesday.
West Texas Intermediate (WTI), which is the main marker for US crude oil, is currently priced at about $57.85 during early European trading hours on Tuesday. The price of WTI is continuing to rise because there hasn't been any progress on a peace agreement in Ukraine and because of ongoing geopolitical uncertainties.
US President Donald Trump said on Sunday that he has made "a lot of progress" in discussions with Ukrainian President Volodymyr Zelenskiy about a potential peace agreement. However, Trump added that there hasn't been any clear progress on the main issue of territory, and it may take a few weeks to resolve that.
Russia said Ukraine launched a drone attack on the Russian president's home in the north, which made Moscow think again about its position in peace talks, according to Reuters. Ukraine refused to accept Russia's claims about the drone attack, and its foreign minister claimed that Russia is trying to find "false reasons" to carry out more attacks on Ukraine. This could hurt the chances of peace in Ukraine, which might help the price of WTI oil rise in the short term.
On the other hand, worries about too much oil supply worldwide might lower the price of WTI. The group of oil-producing countries, including OPEC+, decided to increase production by 137,000 barrels per day in December.
Traders will look more closely at the American Petroleum Institute (API) report on crude oil stockpiles, which will come out later on Tuesday. If the report shows a bigger drop in oil stocks than expected, it means people are buying more oil, which could make the price of WTI go up. But if the report shows a larger increase in stockpiles than expected, it might mean people are buying less oil or there's too much supply, which could cause the price of WTI to fall.
