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OIL: Oil Summary at European Close: Oil Falling on Week

OIL
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Crude is losing ground on both the day and the week. Today’s decline comes as Russian President Putin says he is ready to talk with the US about oil prices, Ukraine and the global energy situation. Headlines citing Trump comments that he wants OPEC to cut the price of oil and that a price cut will ‘stop the tragedy in Ukraine’ sparked further downward pressure.

  • Brent MAR 25 down 0% at 78.28$/bbl
  • WTI MAR 25 down 0.2% at 74.45$/bbl
  • On a visit to Moscow State University, President Vladimir Putin speaks on the prospect of talking with - or even meeting - US President Donald Trump, on the war in Ukraine, and global energy situation.
  • OPEC+ has yet to react to a call from the US President Donald Trump to lower oil prices, with delegates pointing to the plan already in place to raise production from April, Reuters reported.
  • Kazakhstan's Tengizchevroil has initiated oil production at its new third-generation plant at the Tengiz oilfield.
  • US shale deals are set to fall in 2025 as breakeven prices for acquired inventory will likely rise, consultancy Enverus said, cited by Argus.
  • 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.
  • Adnoc Shipping rules out quick return to Red Sea despite the announcement from the Houthis that they will curb attacks on non-Israeli ships, Reuters reports
  • The US gas clarified to India that tankers loaded with Russian oil have to discharge by Feb. 27 under the latest sanctions targeting Moscow’s oil revenue, India’s oil secretary Pankaj Jain said, cited by Reuters.
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Crude is losing ground on both the day and the week. Today’s decline comes as Russian President Putin says he is ready to talk with the US about oil prices, Ukraine and the global energy situation. Headlines citing Trump comments that he wants OPEC to cut the price of oil and that a price cut will ‘stop the tragedy in Ukraine’ sparked further downward pressure.

  • Brent MAR 25 down 0% at 78.28$/bbl
  • WTI MAR 25 down 0.2% at 74.45$/bbl
  • On a visit to Moscow State University, President Vladimir Putin speaks on the prospect of talking with - or even meeting - US President Donald Trump, on the war in Ukraine, and global energy situation.
  • OPEC+ has yet to react to a call from the US President Donald Trump to lower oil prices, with delegates pointing to the plan already in place to raise production from April, Reuters reported.
  • Kazakhstan's Tengizchevroil has initiated oil production at its new third-generation plant at the Tengiz oilfield.
  • US shale deals are set to fall in 2025 as breakeven prices for acquired inventory will likely rise, consultancy Enverus said, cited by Argus.
  • 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.
  • Adnoc Shipping rules out quick return to Red Sea despite the announcement from the Houthis that they will curb attacks on non-Israeli ships, Reuters reports
  • The US gas clarified to India that tankers loaded with Russian oil have to discharge by Feb. 27 under the latest sanctions targeting Moscow’s oil revenue, India’s oil secretary Pankaj Jain said, cited by Reuters.