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[MARKET ANALYSIS] WTI and Brent are trading flat with macro or geopolitical catalyst lacking thus far in the early European session

Crude oil prices are remaining flat as geopolitical tensions and macroeconomic signals are minimal.

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[MARKET ANALYSIS] WTI and Brent are trading flat with macro or geopolitical catalyst lacking thus far in the early European session

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  • Crude benchmarks are trading relatively flat following yesterday’s slump after dollar strength and weak risk sentiment, sparked by AI disruption woes. Adding to further downside pressure were comments from US President Trump yesterday evening that the US must make a deal with Iran and that they could reach a deal over the next month. Not much in terms of fresh catalysts thus far in the European session, as traders await US CPI. WTI and Brent trading at the lower end range of USD 62.54-63.17/bbl and USD 67.22-67.89/bbl respectively.
  • On the Venezuela oil front, Venezuela's state-owned PDVSA reportedly offered neighbouring areas to JV partners and talks have progressed with US and European oil co. 's on possible JV expansions. India’s Reliance was also reportedly awarded general authorisation from the US to buy Venezuelan oil.
Context

The market is keenly awaiting US CPI data, which could impact future price dynamics, especially in light of President Trump's comments about potential Iran negotiations that may alleviate some supply concerns. Furthermore, developments related to Venezuela's oil production could influence sentiment, but immediate catalysts appear limited, keeping prices in the lower range for both WTI and Brent.

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