CRUDE WRAP: WTI (M5) SETTLES USD 1.11 HIGHER AT USD 61.02/BBL; BRENT (N5) SETTLES USD 1.07 HIGHER AT USD 63.91/BBL

Analysis details (19:43)

The crude complex ended the day and week in the green amid trade optimism despite mounting geopolitical concerns. On the former, the US and China meet in Geneva over the weekend with markets viewing the confab as a potential turning point, although any outcome is likely to be limited to initial engagement rather than a comprehensive agreement. Heading into the meeting, US President Trump posted on Truth that “80% Tariff on China seems right!", which followed the NY Post touting as low as 50% on Thursday evening. Separately, India and Pakistan tensions continue to rise, and both reportedly continue to fire at each other. Out of Europe, Reuters, citing a French diplomatic source, said that the US and Europeans are working to put together a proposal for a 30-day Ukraine-Russia ceasefire. A proposal is still being finalised but could be put forward in the coming days, and it would either be a unilateral ceasefire or give a very short response time to Russia. If Russia refused the 30-day ceasefire proposal, new US and European sanctions would be imposed. For the record, in the weekly Baker Hughes Rig Count Oil fell 5 to 474, Natgas was unchanged at 101, leaving the total down 6 at 578. WTI and Brent traded between USD 59.89-61.07/bbl and 62.84-63.94/bbl, respectively.

On the gas footing, Russia's Kremlin said Russia and the US discussed gas supply to Europe.

09 May 2025 - 19:43- ForexGeopolitical- Source: Newsquawk