FX.co ★ Oil Slips More Than 1%

On Wednesday, WTI crude oil futures experienced a decline of over 1%, settling at approximately $59.5 per barrel. This movement reversed the previous session's gains, influenced by geopolitical tensions and the expectation of inventory builds. President Trump's assertion of unwavering interest in Greenland, coupled with previous threats of new European tariffs, has sparked concerns about potential slowdowns in economic growth. In parallel, market anticipation pointed towards an increase in US crude and gasoline inventories for the preceding week, while a decrease in distillate stockpiles was anticipated as the market awaited data from the Energy Information Administration (EIA). Partially balancing these factors, Kazakhstan, a member of the OPEC+ coalition, temporarily ceased operations at its Tengiz and Korolev fields due to power issues, with production expected to be halted for about 7–10 days. Additionally, US forces seized a seventh oil tanker linked to Venezuela, intensifying efforts to uphold sanctions and disrupt the nation's oil trade.