Oil Updates: As the Market Assesses Supply Threats, Oil Remains Stable
As investors watched developments over US President Donald Trump’s tighter deadline for Russia to halt the war in Ukraine and his tariff threats against nations that sell its oil, oil prices remained stable on Wednesday.
By 2:26 p.m., the most active Brent crude futures were lower by 5 cents, or around 0.1 percent, at $71.63 per barrel. US West Texas Intermediate crude fell 5 cents to $69.61 on Saudi time. At $72.50, the Brent crude September contract, which expires on Wednesday, remained stable. Earlier in the day, both contracts had dropped by almost 1 percent. Even if recent events have caused the needle to move slightly more, we still seem to be rangebound and testing the next resistance level, according to Janiv Shah, an analyst with Rystad Energy.
Trump had already threatened to impose penalties on Russia, including 100 percent secondary tariffs on trading partners, if it failed to stop the battle within 10 to 12 days. The limit was raised from 50 days to 10 to 12 days on Tuesday. At a press conference in Stockholm, Treasury Secretary Scott Bessent also warned China, the biggest purchaser of Russian oil, that if it continued to purchase, it may be subject to steep duties.
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