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Oil Trades Sideways With Market Focused on Russia-Ukraine
Oil futures are treading water with the market focused on developments around the U.S. peace plan for Russia-Ukraine, which if successful could take away a lot of risk premium that has been holding up prices in the face of oversupply concerns.
“Crude oil remains trendless as the bear grip intensifies,” Peter Cardillo of Spartan Capital says in a note.
The EIA is due to report weekly U.S. inventories at 10:30 a.m. ET. Analysts in a WSJ survey predict a crude stock draw of 1.3 million barrels, and small builds in gasoline and diesel stocks.
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