US approves potential sale of Patriot air defense system sustainment to Ukraine

Oil prices experienced their largest decline in a week as U.S. fuel inventories increased. Investors are closely watching the potential impact of upcoming sanctions on two major Russian oil producers, which are set to take effect on Friday.

New York City's transit network, the largest in the US, plans to reduce its operating budget deficits by $418 million over the next three years. This will be achieved through expense cuts and a potential recovery in real estate tax collections.

The U.S. Agriculture Secretary announced that details regarding payments to farmers will be revealed soon. This announcement comes amid ongoing discussions about financial support for farmers facing economic challenges, particularly due to rising costs and declining prices in the agricultural sector.

TotalEnergies CEO Patrick Pouyanne cautioned European nations against becoming overly dependent on US liquefied natural gas (LNG) as they seek to reduce reliance on Russian supplies. He emphasized the need for Europe to diversify its energy sources to ensure stability and security in the face of ongoing geopolitical tensions.

Oil prices have settled down as renewed efforts to end the Russia-Ukraine war have emerged. The market is responding to geopolitical developments, with traders weighing the implications of potential peace talks on oil supply and pricing. The ongoing conflict continues to influence market dynamics significantly.

Oil futures settled lower as U.S. efforts to restart peace talks between Russia and Ukraine were seen taking some risk premium out of the market. However, losses were limited by the EIA’s report of an unexpected U.S. crude stock draw.

Aramco has signed preliminary deals with the United States valued at over $30 billion. This agreement marks a significant step in strengthening economic ties between the two nations, particularly in the energy sector. The deals are expected to enhance collaboration and investment opportunities.

Saudi Arabia and the United States have established a strategic partnership focused on artificial intelligence (AI). This collaboration aims to enhance technological capabilities and foster economic ties between the two nations, reflecting a growing interest in AI development and investment.