Oil prices remain stable amid supply concerns from Russia-Ukraine war
Date
11/20/2024 3:23:53 AM
(MENAFN) Oil prices remained steady for the second consecutive session on Wednesday, as rising concerns about the potential disruption of oil supplies from Russia due to the ongoing conflict in Ukraine weighed on the market. This was compounded by indications of increasing crude imports from China, which helped offset data showing a rise in US crude inventories.
Brent crude futures saw a minor dip of 5 cents, trading at USD73.26 a barrel by 0541 GMT, while US West Texas Intermediate (WTI) crude futures held steady at USD69.39 a barrel. The market appeared stable despite the tensions between Russia and Ukraine, which have continued to influence oil prices.
The ongoing war between Russia, a key global oil producer, and Ukraine has contributed to market volatility, but so far, it has kept prices relatively stable. Experts predict that Brent oil prices will likely remain above USD70 for the time being, as market participants closely monitor the geopolitical situation, particularly regarding the conflict's potential impact on supply chains.
Russia's recent claim that Ukraine used US ATACMS missiles to strike Russian territory for the first time has added to the uncertainty. Additionally, Russian President Vladimir Putin's decision to ease the conditions for launching a nuclear strike has further escalated tensions, leaving the oil market on edge.
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