WTI eases from eight-year high above $100 despite upbeat API, Ukraine fears ahead of OPEC+ verdict By anilpanchal7 Oil WTI RiskAppetite OPEC Ukraine
The black gold earlier cheered hopes of no major relief to WTI traders from global producers despite the ongoing Russia-Ukraine crisis. On the same line were private inventory numbers and macros suggesting further tensions emanating from Moscow.
As per the latest weekly industry stockpile data from the American Petroleum Institute , US crude stocks fell by 6.1 million barrels, versus the previous addition of 5.983 million barrels. Elsewhere, the Organization of the Petroleum Exporting Countries and allies led by Russia, a grouping known as OPEC+, is likely to stick to its existing policy of increasing output by 400K barrels per day each month in April, per Reuters. Thequotes the reason as, “Russia's invasion of Ukraine having not affected OPEC+ deal functioning so far.”
Talking about geopolitics, Russian President Vladimir Putin has already conveyed his wish to continue with the military march in Kyiv until his goal is met. At the latest, the International Monetary Fund and World Bank mentioned, “War in Ukraine creating significant spillover effects in other countries, commodity prices rising, risk driving further fueling inflation.
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