Oil rises over 1% as Donald Trump expresses dissatisfaction after reports of Russia attacking Ukraine with missiles and drones overnight.
According to reports, Russia launched missile and drone strikes on Ukraine early Thursday morning, killing at least 21 people in Kyiv. Meanwhile, the Ukrainian military stated that it used drones to attack two Russian oil refineries overnight.
This development undermined Donald Trump’s reconciliation efforts in the Russia–Ukraine conflict. In response, Trump threatened to sanction both sides, claiming that “Ukraine is not innocent.” This raised concerns over potential supply disruptions, which in turn supported oil prices to rebound yesterday.
On the other hand, OPEC+ announced that it would increase supply by 547,000 barrels per day, aiming to stabilize the market.
➡️ In the coming period, oil prices may face downward pressure if Trump successfully mediates the Russia–Ukraine conflict and supply remains stable.
Technical Analysis:
Oil is currently trading sideways in a wide range. The Russia–Ukraine conflict continues to support prices, but OPEC+’s supply increase is exerting downward pressure.
In the short term, oil may continue to consolidate within a broad range, moving between the order block (OB) zones of $62.8 – $64.4 per barrel.
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