19.09.202501:19:44UTC+00Oil Trims Weekly Gain

On Friday, West Texas Intermediate (WTI) crude oil futures settled at approximately $63.6 per barrel, slightly retracting their ongoing weekly gains. This adjustment followed US President Donald Trump's renewed appeal for reduced oil prices. Trump expressed a preference for lower oil costs over implementing further sanctions aimed at compelling Russia to conclude its involvement in the Ukrainian conflict. This stance alleviated some fears of supply disruptions, particularly in light of recent Ukrainian attacks targeting Russian energy infrastructure. Concurrently, the Federal Reserve executed an anticipated interest rate cut, hinting at potential future reductions to address the softening labor market. Although a more lenient monetary policy could potentially bolster fuel demand, investors are wary, viewing this move as indicative of escalating economic challenges within a significant oil-consuming country. Complicating the outlook further, recent government data highlighted a notable decrease in US crude inventories last week, primarily attributed to robust export activity. However, the same report disclosed that distillate stocks had surged to their highest level since January, raising new apprehensions regarding demand.