West Texas Intermediate (WTI) crude oil price remains in negative territory for the third consecutive session, trading around $72.20 per barrel during Asian hours on Wednesday.
It was a session of two halves for oil yesterday with prices initially weaker on the back of China’s retaliatory tariffs against the US. However, a tougher US stance on Iran saw the market claw back these losses later in the session.
U.S. markets close higher as optimism grows over potential U.S.-China trade breakthrough. Trump delays tariffs, Palantir surges 24%, Fed warns of inflation risks, and job openings miss expectations.
The global sell-off will result in huge demand for inverse or inverse-leveraged ETFs as these fetch outsized returns on bearish sentiments in a short span.
OPEC's JMMC unlikely to recommend changes to existing production increase plan from April. Voluntary output cuts by eight OPEC+ members will be phased out from April.
U.S. markets closed lower due to new tariffs, U.S. personal income and spending increased, and most S&P 500 sectors declined. Japan's Nikkei and Australia's S&P/ASX 200 also fell, while U.S. futures and the dollar strengthened.
Canada's Foreign Minister Mélanie Joly warned that proposed U.S. tariffs could force America to rely on Venezuelan oil imports, as tensions escalate ahead of President Donald Trump's planned 25% levy on Canadian goods starting Feb. 1.
West Texas Intermediate (WTI) US Crude Oil prices tick lower during the Asian session on Wednesday and erode a part of the previous day's modest recovery gains from a nearly three-week low.
