Jakarta, shesocial Indonesia
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Price
crude oil
The world fell at the opening of trading Wednesday (3/12) as investors waited for developments in peace talks
Russia
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Ukraine
.
Meanwhile, concerns about a surplus are becoming more prominent after data shows an increase in stocks.This also reduces prices.
Quote
Reuters
, Brent oil prices weakened 13 cents or 0.21 percent to US$62.32 per barrel, after falling 1.1 percent in the previous session.Likewise, the price of West Texas Intermediate (WTI) oil slipped 12 cents or 0.20 percent to US$58.52 per barrel, after weakening 1.2 percent on Tuesday.
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Market hopes for a diplomatic breakthrough dimmed again after the Russian government said no compromise had been reached in five hours of talks between President Vladimir Putin and two of US President Donald Trump’s top envoys.
Market players are waiting for signals whether the negotiations can pave the way for lifting sanctions on large Russian oil companies such as Rosneft and Lukoil, so that supplies that have been limited can flow again.
On the contrary, the atmosphere heated up after Putin accused European countries of obstructing US efforts to end the war by submitting proposals that were completely unacceptable to Moscow.This has sparked concerns that Russian supplies will remain blocked and only flow to buyers such as China and India.
IG analyst Tony Sycamore said although negotiations offered opportunities, the market remained burdened by concerns about weak demand and a potential supply glut.
“Oversupply concerns and weak demand continue to pressure oil prices, which must stay in the mid-US$50 range to avoid a deeper decline,” he wrote.
On the other hand, the war, which is entering its third year, has triggered an increase in Ukrainian drone attacks on Russian oil infrastructure.The latest attack on the Black Sea coast reiterates the geopolitical risks looming over the markets.
Industry sources said the Caspian Pipeline Consortium (CPC) is targeting accelerated repairs to its third mooring facility to restore full export capacity, after one of the moorings was damaged by a drone attack.
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(lyd/pta)
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