Russia, US Talks Critical for Oil Prices
April 1, 2014 6:30 amVideo
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Tensions have been high between Russia and the U.S. ever since President Vladimir Putin made his first move on the Crimea region in Ukraine. This situation has had an impact on numerous markets, including crude oil.
With the potential for significant sanctions placed on Russia, oil prices have been volatile, as these could cut much of the world off from the Russia oil and gas sector. Investors who take part in crude oil trading will want to keep a close eye on talks between Russia and the U.S.
According to The Associated Press, U.S. Secretary of State John Kerry and Russian Foreign Minister Sergei Lavrov met and agreed that there needs to be a diplomatic resolution. However, nothing is etched in stone, and if talks break off, oil prices could rise, which is something traders need to keep a close eye on.
“The plentiful supply, particularly from Saudi Arabia and Iraq, is offset by the ongoing production outages in Libya and the – albeit fairly remote – prospect of the West imposing sanctions on the Russian oil and gas sector,” said a report from Commerzbank in Frankfurt.
One sign that tensions could be de-escalating is the fact that President Putin told German Chancellor Angela Merkel he would pull some Russian troops from near the border with Ukraine, according to NPR. In response, oil prices may decline, as the threat of the rest of the globe of being cut off from Russia’s supply decreases. This is valuable information for crude traders, as it could allow them to get out ahead of market fluctuations.
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