Oil prices have edged higher in volatile trading, balancing geopolitical instability against a price reduction in Saudi Arabia’s primary crude grade destined for Asian markets. West Texas Intermediate (WTI) saw a peak increase of 1.6% as the market absorbed these competing factors. The ongoing conflict in Ukraine continues to be a key driver of price volatility.
Negotiations between Ukrainian representatives are set to continue in Florida, even as Russian President Vladimir Putin has expressed reservations about aspects of the US-supported peace plan aimed at ending the war. These developments suggest that the lifting of sanctions on Russian oil remains unlikely in the near term, sustaining upward pressure on global oil prices.
Adding to the price support, President Putin highlighted that energy collaboration between Russia and India remains stable. He noted that a Russian oil company is actively expanding its operations at an Indian refinery, ensuring consistent and uninterrupted oil flows from Moscow to India. This continued partnership provides further stability to the oil market despite broader geopolitical uncertainties. The price movements reflect the complex interplay of supply adjustments and geopolitical events shaping the global energy landscape.
