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WTI is losing about 1.5% on Monday morning and trading around $90 per barrel, breaking a two-day rally. The pressure came after Donald Trump's statement about a possible halt to Russian and Ukrainian strikes on energy infrastructure, while the details of the agreement have not yet been confirmed by both sides.
WTI reversed downward from $91.40 on the evening of October 9 and declined to around $89.95 after the announcement of supplies of Russian diesel to the US market and other countries. At the same time, the US Treasury issued General License 135, permitting transactions with Russian diesel fuel until April 7, 2027.
Fed Board of Governors member Christopher Waller said that inflation in the US remains too high and further rate hikes are still necessary. At the same time, new steps may come with pauses, rather than at every consecutive meeting.
IEA countries have decided to accelerate the release of oil and petroleum products from state reserves. If the entire previously promised but not yet realized volume reaches the market, additional supply could amount to up to 100 million barrels.
USD/CAD rose to 1.4293 on October 6, an 18-month high. The Canadian dollar is declining for the third session in a row amid weak oil, and the pair itself already looks technically overbought.
Brent rose above $102 per barrel amid the continued closure of the Strait of Hormuz. The head of Saudi Aramco warned that tension in the oil market will intensify until the passage is restored.
US crude WTI (the US benchmark grade) is trading around $93.05 in early Asian hours on Monday. The push came from US President Donald Trump's rejection of Iran's proposal to open the Strait of Hormuz - a key maritime route for oil exports from the Persian Gulf.
