Oil Futures Settle Lower As Supply Concerns Ease
2025-02-11
3273
(fxcue news) - Oil prices drifted lower on Friday as supply concerns eased amid hopes of a peace deal between Russia and Ukraine and possibility of removal of sanctions on Russia.
Traders are pinning hopes of an end to the Russia-Ukraine war after U.S. President Donald Trump spoke to presidents of Russia and Ukraine over phone.
There are expectations that a potential peace deal between Ukraine and Russia would usher in the end of sanctions affecting supply flows.
West Texas Intermediate Crude oil futures settled lower by $0.55 or 0.77% at $70.74 a barrel. WTI futures gained 1% this week.
Brent crude futures settled at $74.70 a barrel, losing about 0.4%. Brent crude futures gained about 1% this week.
Oil prices found some support amid optimism over potential trade agreements between the U.S. and some major trading partners following delays in U.S. reciprocal tariffs.
Trump has signed a Presidential memo on reciprocal tariffs for more balanced trade, with Howard Lutnick, Trump's Commerce Secretary nominee, saying he anticipates the investigation will be complete by April 1.
A report from Baker Hughes said the oil and gas rig count in the U.S. rose by 2 to 588 this week. Despite this week's rig increase, the total count was still down 33 rigs, or 5% below this time last year.
Baker Hughes said oil rigs rose by one to 481 this week, while gas rigs gained one to 101.
Sign In via X
Google
Sign In via Google
This page link：http://www.fxcue.com/356455.html
Tips：This page came from Internet, which is not standing for FXCUE opinions of this website.
Statement：Contact us if the content violates the law or your rights
Tips：This page came from Internet, which is not standing for FXCUE opinions of this website.
Statement：Contact us if the content violates the law or your rights