CRUDE WRAP: WTI (M5) SETTLES USD 0.97 LOWER AT 62.05/BBL; BRENT (N5) SETTLES USD 1.01 LOWER AT 64.79/BBL

Analysis details (19:32)

The crude complex saw losses to start the week as it was weighed on by the broader risk-averse sentiment, as opposed to any oil-related headlines. WTI and Brent hit highs of USD 63.92/bbl and 66.50/bbl, respectively, in the European morning but ground lower through the duration of the US session as sentiment continued to sour. Benchmarks saw modest upside after Reuters reported that Pakistan's Defence Minister stated a military incursion by India is imminent. He added, in an armed conflict nations should refrain from using the nuclear option. Elsewhere on the geopolitical footing, the Kremlin said Putin announce a temporary ceasefire for the May public holidays, but in the event of violations of the ceasefire by Ukraine, Russia will respond. On the gas footing, albeit European, there was a power outage across Spain, Portugal and France which led to widespread disruptions across operations within the countries. However, numerous outlets/execs have said they are not certain of the cause but it does not appear cyberattack related. Crude ultimately settled off lows but still well in the red. The US Energy Secretary spoke to CNBC, where he noted the administration is refilling the SPR now. 

28 Apr 2025 - 19:32- EnergyGeopolitical- Source: Newsquawk