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- WTI climbs after Kazakhstan suspended output at the Tengiz and Korolev oilfields due to power issues.
- Oil prices may face pressure as geopolitical tensions rise after President Trump reiterated his Greenland ambitions.
- US forces seized a seventh Venezuela-linked oil tanker to enforce sanctions and disrupt the country’s oil trade.
West Texas Intermediate (WTI) Oil price extends its winning streak for the fourth consecutive day, trading around $59.80 per troy ounce during the Asian hours on Wednesday. Crude Oil prices gain on a temporary halt in output at two large fields in Kazakhstan.
OPEC+ (Organization of the Petroleum Exporting Countries and its allies) producer Kazakhstan suspended production at the Tengiz and Korolev oilfields on Sunday due to power distribution problems. According to three industry sources cited by Reuters, output at the two fields could remain offline for another seven to ten days.
Oil prices may face pressure amid rising geopolitical tensions after President Trump reiterated his Greenland ambitions and earlier threats of 10% tariffs on eight EU countries, raising concerns about slower economic growth and weaker global Oil demand.
Meanwhile, the European Union signaled potential duties on $93 billion of US goods, while France reportedly urged use of the bloc’s Anti-Coercion Instrument. Markets also fear that Europe could leverage roughly $10 trillion in US assets, with a Danish pension fund planning to exit Treasuries.
US crude and gasoline inventories were expected to increase last week, while distillate stocks were forecast to decline ahead of the US Energy Information Administration (EIA) data. Separately, US forces seized a seventh Venezuela-linked Oil tanker as part of stepped-up efforts to enforce sanctions and disrupt the country’s Oil trade.
