The ongoing Russia-Ukraine peace talks threaten crude oil futures, as a resolution could ease sanctions on Russian oil and increase global supply. Despite stable demand forecasts providing market support, the potential influx of Russian oil creates a cautious outlook. Geopolitical factors play a crucial role in market movements, and U.S. energy firms have raised rig counts, indicating possible future production increases. However, without higher demand, this may contribute to oversupply concerns. Additionally, trade tensions pose risks, potentially reducing economic growth and energy consumption, thereby pressuring oil prices further.
A peace resolution could lead to the easing of sanctions on Russian oil and lead to an increase in global supply which could weigh on prices.
Geopolitical uncertainty continues to have an important impact on the oil market, with any significant price movements largely dependent on the progress of these discussions.
U.S. energy companies have increased their oil and gas rig count for three consecutive weeks, indicating potential growth in future production.
A global trade war could reduce economic growth and energy consumption, further pressuring oil prices.
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