WTI holds gains above $70.00 due to rising concerns over Russia-Ukraine peace deal
WTI gains ground as supply concerns grow following a heated argument between Trump and Zelenskiy.
The deal of US-Ukraine's rare earth minerals was abandoned after a heated exchange between the two leaders.
Turkey aims for the Iraq-Turkey oil pipeline to operate at full capacity once flows resume through Ceyhan.
West Texas Intermediate (WTI) Oil price recovered its recent losses registered in the previous session, trading around $70.10 per barrel during the Asian hours on Monday. Crude Oil prices rise as tensions escalated between US President Donald Trump and Ukrainian leader Volodymyr Zelenskyy during peace deal negotiations, which added concerns about the Russia-Ukraine conflict.
Ukrainian leader Zelenskyy was expected to sign an agreement granting the US greater access to Ukraine's rare earth minerals and participate in a joint press conference, but the plan was abandoned after a heated exchange between the leaders in front of the media. Following the confrontation, in which Trump openly expressed his disdain, top advisers asked Zelenskyy to leave the White House.
However, the upside of Oil prices could be restrained amid rising fears of weaker global demand following escalating US-China trade tensions. Over the weekend, US President Donald Trump announced an additional 10% tariff on Chinese imports starting Tuesday, adding to the 10% tariff imposed last month. On Thursday, Trump stated on Truth Social that 25% tariffs on Canadian and Mexican goods will take effect on March 4.
According to a Reuters report, Turkish Energy Minister Alparslan Bayraktar said, according to the state-owned Anadolu news agency on Sunday, that Turkey wants the Iraq-Turkey Oil pipeline to run at full capacity once operations resume through Ceyhan.
However, on Friday, eight international Oil companies operating in Iraq's Kurdistan region stated they would not restart Oil exports through Ceyhan, despite Baghdad's announcement that the resumption was imminent.
* The content presented above, whether from a third party or not, is considered as general advice only. This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.
