November set for US-Ukraine-Russia meeting, says Ukraine's President Zelenskyy

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

Selected remarks

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: Common questions

What defines WTI Oil?

Alongside Brent and Dubai Crude, WTI Oil is one of three major crude oil types traded internationally. Its name stands for West Texas Intermediate. Relatively low gravity and sulphur content give it the descriptions “light” and “sweet”, respectively. This high-quality oil is considered easy to refine. Produced in the United States, it is distributed through the Cushing hub, known as “The Pipeline Crossroads of the World”. WTI serves as an oil market benchmark, and its price regularly features in media reports.

What drives WTI Oil prices?

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

How do inventory figures affect WTI Oil prices?

Weekly inventory releases from the American Petroleum Institute (API) and the Energy Information Agency (EIA) influence WTI Oil prices by signalling shifts in supply and demand. Falling stocks can point to stronger demand and lift oil prices. Rising inventories can indicate greater supply and put downward pressure on prices. The API releases its report each Tuesday, followed by the EIA the next day. The two sets of figures tend to be similar: 75% of the time, they are within 1% of each other. As the EIA is a government agency, its data is regarded as more reliable.

How do OPEC 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. Cutting quotas can restrict supply and lift prices, while increasing production can have the reverse effect. The broader OPEC+ grouping brings in ten additional non-OPEC members, with Russia the most notable.

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