[MARKET ANALYSIS] Oil prices declined on Ukraine optimism and Trump's announcement that Venezuela will be 'turning over' 30mln-50mln bbls of oil to the US
Newsquawk Staff · Newswires ·
WTI/Brent: WTI Feb.'26 -1.3% / Brent Mar'26 -1.0%
- Oil declined following recent Ukraine-related optimism and with US President Trump announcing that Venezuelan authorities will be turning over 30mln-50mln bbls of oil to the US.
Gold: -0.7%
- Retreated after hitting resistance at the USD 4,500/oz level, with some mild selling pressure seen across the commodities complex as Shanghai and LME trade got underway.
Copper: -1.0%
- Pulled back and tested the USD 6/lb level to the downside, but with further losses stemmed amid the mostly positive risk appetite.
What it means
Oil prices dropped due to optimism surrounding Ukraine and President Trump's announcement regarding the potential transfer of 30-50 million barrels of oil from Venezuela to the U.S. This influx of supply could alleviate concerns about tight markets, indicating a possible shift in the geopolitical landscape that often drives oil prices. Traders should monitor how these developments might influence future supply-demand dynamics and pricing.
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