17.09.202501:14:51UTC+00Oil Holds Near Two-Week High

WTI crude oil futures remained steady around $64.5 per barrel on Wednesday, maintaining the majority of their three-day gains and approaching a two-week high. Market participants are evaluating the increased supply risks following Ukraine's escalated drone attacks on Russian refineries and export facilities. Industry insiders reported that Transneft cautioned producers about potential production cuts, although the company dismissed this as Western misinformation. In addition to these geopolitical tensions, oil prices found further support from the anticipated Western sanctions on Russia and possible new restrictions on purchasers of Russian crude. Investors are also closely monitoring the Federal Reserve’s policy decision, with a widely expected interest rate cut likely to stimulate economic growth and increase fuel demand. Meanwhile, industry data revealed that US crude oil inventories decreased by 3.42 million barrels last week, significantly exceeding the projected reduction of 1.6 million barrels.