Oil prices hit by higher U.S. crude stocks; Russia sanctions in focus

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 lower as renewed efforts to end the Russia-Ukraine war have emerged. This development reflects the ongoing geopolitical tensions and their impact on global oil markets. The market is closely monitoring the situation as it evolves.

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.

The U.S. Commerce Department reported a nearly 24% decrease in the trade deficit, which was delayed for over seven weeks due to a government shutdown. Despite this reduction, the trade deficit for 2025 has risen to $713.6 billion through August, marking a 25% increase from the same period in 2024.

JetBlue is set to introduce two new flights to popular European destinations as U.S. travelers increasingly seek direct service to cities that were previously only accessible via transfers. This move comes amid a surge in demand for travel to Europe, with airlines like Delta Air Lines also expanding their routes.

Crude oil inventories in the U.S. decreased by 3.4 million barrels last week, according to the EIA. This decline is attributed to increased exports and higher refinery utilization rates.

Crude oil inventories in the U.S. decreased by 3.4 million barrels last week, according to the EIA. This decline is attributed to increased exports and higher refinery utilization rates.

The U.S. trade deficit decreased in August as President Trump's tariffs on trade partners came into effect. New data indicates that these tariffs have contributed to a reduction in trade volumes, reflecting the immediate impact of the administration's trade policies.