WTI crude oil monthly futures are rising by 1.3% today in response to a potential postponement of the planned production increase (by 120,000 barrels per day) to April. The contracts were not stabilized by statements from Russia's Deputy Prime Minister for Energy and Economy, Alexander Novak, who denied that discussions on the matter were taking place.
Speculation about the fourth postponement of the supply increase since 2022 has also overshadowed peace talks in Ukraine, which Donald Trump is pushing to accelerate. Following today's meeting in Riyadh, Saudi Arabia, between Russian and U.S. delegations, it was reported that Vladimir Putin is willing to sit down for negotiations with the Ukrainian president. However, according to CNBC, Russia lacks a genuine willingness to reach a peace agreement, and Putin himself is believed to be confident in his winning position in the conflict.
Today's rebound in WTI futures, however, appears to be an exception in an otherwise predominantly bearish trend in the oil market. Bloomberg reports that many long positions are being closed in the options market as demand remains weak (especially in China), and Donald Trump's trade policy could further weaken it.
WTI contracts have been in a strong downtrend since the beginning of the year; however, yesterday’s report about another delay in the production increase helped the contract bounce off support around $70.20–$70.50 per barrel, gaining 1.6%. Source: xStation5
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