Ukraine’s President Zelenskyy Says US-Ukraine-Russia Meeting Will Take Place in November

According to Ukrainian President Volodymyr Zelenskyy, November would see a trilateral meeting between Kyiv, Washington and Moscow, Reuters reported on Sunday.

Zelenskyy outlines developments

Territory issue only for heads of state, technical talks cover other matters.

Progress on unlocking Patriot missile supplies to Ukraine very slow.

US, Ukraine, Russia trilateral meeting planned for November.

US intelligence sharing on Russian ballistic missile strike warnings fully resumes.

Starshield service restored with speeds up to 420 kph.

WTI Oil explained

WTI Oil serves as a global benchmark

Traded on international markets, WTI Oil is a variety of crude oil. Its initials stand for West Texas Intermediate, which ranks alongside Brent and Dubai Crude as one of the three main types. Relatively low gravity and sulphur content earn WTI the descriptions “light” and “sweet”, respectively. Its quality is regarded as high, and it is easy to refine. Produced in the United States, WTI is distributed through the Cushing hub, known as “The Pipeline Crossroads of the World”. The oil market uses WTI as a benchmark, with its price regularly cited in media coverage.

Supply and demand drive WTI Oil prices

Supply and demand underpin WTI Oil prices, as they do those of other assets. Stronger global growth can therefore lift demand, while weaker growth can have the reverse effect. Supply disruptions caused by political instability, wars and sanctions can also affect prices. Another major influence is the production policy set by OPEC, a group of leading oil-producing countries. Because oil is traded predominantly in US Dollars, the currency’s value also affects WTI Crude Oil prices: a weaker US Dollar can make oil more affordable, while a stronger dollar can do the opposite.

Inventory figures influence WTI Oil prices

WTI Oil prices respond to the weekly oil inventory figures released by the American Petroleum Institute (API) and the Energy Information Agency (EIA). Movements in stocks reflect shifts in supply and demand. A fall in inventories can signal stronger demand and lift oil prices; a rise can point to greater supply and weigh on prices. Each Tuesday brings the API report, followed by the EIA release the next day. The two sets of figures tend to be similar, with a difference of no more than 1% on 75% of occasions. As the EIA is a government agency, its figures are regarded as more reliable.

OPEC production decisions affect WTI Oil prices

At meetings held twice a year, the 12 oil-producing nations in OPEC (Organization of the Petroleum Exporting Countries) jointly set production quotas for member countries. These decisions frequently influence WTI Oil prices. Lower quotas can restrict supply and lift oil prices, whereas an increase in OPEC production has the reverse effect. The broader OPEC+ grouping adds ten non-OPEC members, of which Russia is the most prominent.

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