Lates News

In Europe and the Middle East, the geopolitical tension has pushed up oil prices for three consecutive days, but oil prices stabilized on Thursday. Soojin Kim of Mitsubishi UFJ Financial Group (MUFG) stated that traders are balancing weak demand and excess supply with increasingly escalating geopolitical risks. She pointed out that the market is digesting Trump's latest remarks on potential punitive measures against Russia and the EU's pledge to increase sanctions against Russia following the entry of Russian drones into Polish airspace. She added that despite the threat of supply disruptions, the market fundamentals are bearish as US crude oil inventories increased by 3.9 million barrels last week, limiting the upward momentum.