WTI inches lower to near $69.00 following US agreements with Ukraine, Russia
The post WTI inches lower to near $69.00 following US agreements with Ukraine, Russia appeared on BitcoinEthereumNews.com.
WTI price declines as the US reaches a truce with Ukraine and Russia, potentially enabling Russian Oil to re-enter global markets. President Trump signs an order imposing a 25% tariff on imports from countries buying Venezuelan Oil. API Weekly Crude Oil Stock data shows a 4.6-million-barrel drop in US crude inventories last week. West Texas Intermediate (WTI) crude Oil price paused its two-day winning streak, trading around $69.00 per barrel during early European hours on Wednesday. The decline of the crude Oil prices comes as geopolitical tensions ease following separate agreements by the United States (US) with Ukraine and Russia to suspend attacks at sea and on energy infrastructure. As part of the deal, Washington agreed to push for lifting certain sanctions against Moscow, potentially allowing Russian Oil to re-enter global markets. The US-Russia agreement extends further, with Washington committing to efforts aimed at easing international sanctions on Russian agricultural and fertilizer exports—a long-standing demand from Moscow. However, the Kremlin stated that the Black Sea agreements would not take effect unless connections between certain Russian banks and the international financial system were restored. Despite this, Oil prices found support amid supply concerns after US President Donald Trump signed an order imposing 25% tariffs on imports from countries purchasing Venezuelan Oil, potentially disrupting flows to major refiners in China, India, and Spain. Also, Chevron has begun scaling back its tanker fleet in Venezuela, according to shipping data and a document reviewed on Tuesday. However, the Trump administration also extended Chevron’s deadline to exit Venezuela until May 27, with analysts estimating its withdrawal could reduce production by 200,000 barrels per day (bpd). Additional support for Oil prices came from American Petroleum Institute (API) Weekly Crude Oil Stock data, which showed a significant 4.6-million-barrel decline in US crude inventories last week—well above market…
Filed under: News - @ March 26, 2025 8:20 am