Crude oil prices are flat in early European trading, following the previous session's losses when the price per barrel dropped below the $70 level for the first time in more than two months. The losses are primarily due to the prospect of increased supply, as a peace deal between Russia and Ukraine starts to gain shape. Such a deal would probably lead to lifting sanctions on Russian crude exports, resulting in a substantial rise in supply. At the same time, the threat of Trump's tariffs continues to cast doubt over the global economy's growth prospects, impacting forecasts for oil demand and contributing to the recent decline in prices. Against this backdrop, today's release of official US crude inventory data may offer some support to prices, particularly if figures reported on Tuesday—which showed a steep decline in stockpiles—are confirmed.
Ricardo Evangelista – Senior Analyst, ActivTrades
Source: ActivTrader
The information provided does not constitute investment research. The material has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and as such is to be considered to be a marketing communication.
All information has been prepared by ActivTrades (“AT”). The information does not contain a record of AT’s prices, or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information.
Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance is not a reliable indicator of future performance. AT provides an execution-only service. Consequently, any person acting on the information provided does so at their own risk.