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OIL: Mid-Day Oil Summary: Oil Falling on Week

OIL
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Crude markets are set for a net weekly decline after falling further yesterday as President Trump called on OPEC to lower oil prices. There is also the market risk from the threat of tariffs on China and the EU as well as on Mexico and Canada.

  • Brent MAR 25 up 0.6% at 78.77$/bbl
  • WTI MAR 25 up 0.6% at 75.08$/bbl
  • The latest Baker Hughes rig count data is due for release at 13:00ET.
  • Trump said that he would ask Saudi Arabia and other OPEC members to “bring down the cost of oil,” predicting that action by the bloc could decrease inflation and allow for the reduction of interest rates.
  • Kazakhstan's Tengizchevroil has initiated oil production at its new third-generation plant at the Tengiz oilfield.
  • TASS: "The Kremlin spokesman was asked whether he agreed with US President Donald Trump's assertion that lower oil prices could end the conflict in Ukraine. "No," Peskov stressed. "This conflict does not depend on oil prices."
  • Danish shipping giant Maersk will continue to divert vessels away from the Gulf of Aden and Red Sea towards the Cape of Good Hope despite the announcement from the Houthis that they will curb attacks on non-Israeli ships, Reuters reported.
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Crude markets are set for a net weekly decline after falling further yesterday as President Trump called on OPEC to lower oil prices. There is also the market risk from the threat of tariffs on China and the EU as well as on Mexico and Canada.

  • Brent MAR 25 up 0.6% at 78.77$/bbl
  • WTI MAR 25 up 0.6% at 75.08$/bbl
  • The latest Baker Hughes rig count data is due for release at 13:00ET.
  • Trump said that he would ask Saudi Arabia and other OPEC members to “bring down the cost of oil,” predicting that action by the bloc could decrease inflation and allow for the reduction of interest rates.
  • Kazakhstan's Tengizchevroil has initiated oil production at its new third-generation plant at the Tengiz oilfield.
  • TASS: "The Kremlin spokesman was asked whether he agreed with US President Donald Trump's assertion that lower oil prices could end the conflict in Ukraine. "No," Peskov stressed. "This conflict does not depend on oil prices."
  • Danish shipping giant Maersk will continue to divert vessels away from the Gulf of Aden and Red Sea towards the Cape of Good Hope despite the announcement from the Houthis that they will curb attacks on non-Israeli ships, Reuters reported.