Oil steadies after early drop with Ukraine, US outlook in focus
Published on 19/05/2025 06:44 AM
Oil steadies after early drop with Ukraine, US outlook in focusBrent fell as much as 1.1% to below $65 a barrel before recovering, while West Texas Intermediate traded near $62.By Bloomberg May 19, 2025, 6:44:05 AM IST (Updated)1 Min ReadOil steadied after an early drop, with talks to end the war in Ukraine and a lowering of the US credit rating in focus.
Brent fell as much as 1.1% to below $65 a barrel before recovering, while West Texas Intermediate traded near $62. US President Donald Trump and Vladimir Putin will speak by phone later on Monday, although the Russian leader may believe he has the upper hand in the fighting and therefore be unlikely to make concessions.
Meanwhile, Moody’s Ratings stripped the US government of its top credit rating late on Friday, adding to concerns about the outlook for global growth. The downgrade, which trailed the other major rating agencies, risks reinforcing Wall Street’s growing worries over the US sovereign bond market and a slowing economy.
Crude prices rebounded over the previous two weeks on increased uncertainty over the progress of US-Iranian talks and following Israel’s strikes on Houthi-held areas of Yemen that have elicited promises of retaliation. Futures are still down more than 10% this year as Trump’s trade war threatens demand and OPEC+ returns shuttered production into a market that is forecast to be oversupplied later this year.
Also Read: Dollar, US stock futures weaker on US downgradeContinue ReadingFirst Published: May 19, 2025 6:25 AM ISTCheck out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!Tagsglobal marketsOiloil marketsOil prices