Jakarta, hitclubapk3 Indonesia
—
Price
crude oil
moved slightly higher in trading Thursday (4/12) driven by the attack
Ukraine
on oil infrastructure
Russia
, which sparked fears of supply disruptions.
Moreover, the deadlock in peace talks between Russia and Ukraine lowered market expectations that Moscow’s oil flows would soon return to global markets.
However, weak market fundamentals managed to put a brake on the increase in oil prices.
ADVERTISEMENT
SCROLL TO CONTINUE WITH CONTENT
Quote
Reuters,
Brent oil prices rose 14 cents or 0.22 percent to US$62.81 per barrel.Meanwhile, West Texas Intermediate (WTI) rose 16 cents or 0.27 percent to US$59.11 per barrel.
Ukrainian military intelligence sources said that their party attacked the Druzhba oil pipeline in the Tambov region, central Russia, on Wednesday (3/12).This is the fifth attack on a pipeline carrying Russian oil to Hungary and Slovakia.
However, Hungarian pipeline operators and oil and gas companies stated that oil flows were continuing normally.
Market sentiment was also boosted by the perception that the Russia-Ukraine peace plan had reached a dead end.US President Donald Trump’s representative walked out of a meeting with the Kremlin without significant progress in efforts to end the war.Trump admitted that he could not yet determine his next steps.
Previously, hopes of the lifting of Russian sanctions and the return of Moscow’s oil to global markets had pressured prices, as traders estimated that additional supply could exacerbate an existing supply glut.
“Despite the increase, concerns about a supply glut and weak demand are still weighing on oil prices,” said IG analyst Tony Sycamore in a research note.
Fitch Ratings on Thursday also lowered its oil price assumptions for the 2025-2027 period, reflecting expectations of excess supply and production growth expected to outpace demand.
[Gambas:hitclubapk3 Video]
(ldy/pta)
Read More: NATO Meeting to Discuss Russia-Ukraine War Without US Secretary of State, Trump Mentions
Read More: Last 3 films starring Epy Kusnandar before he died
