LONDON, Sept 17 (Reuters): Oil prices eased on Wednesday, after rising more than 1 per cent in the previous session, though ongoing geopolitical jitters provided a floor for the market, with traders eyeing an expected interest rate cut from the US Federal Reserve later in the day.
Brent crude futures were down 62 cents, or 0.9 per cent, to $67.85 a barrel at 1042 GMT, while US West Texas Intermediate crude futures were down 63 cents, or around 1 per cent, to $63.89 a barrel.
The benchmarks settled more than 1 per cent higher in the last trading session due to concerns that Russian supplies may be disrupted by Ukrainian attacks.
Reuters reported on Tuesday that three industry sources said Russia's oil pipeline monopoly Transneft had warned producers they might have to cut output following Ukraine's drone attacks on critical export ports and refineries.
"If the drone damage (to Russian energy infrastructure) proves to be short-lived, the recent range of say, $5 per barrel, will resume," said PVM Oil Associates analyst John Evans.
"Given the impasse in sanctions and the arrival of more OPEC barrels, the only hope for an oil rally has been through the lack of distillate stock as we approach winter."
Kremlin spokesperson Dmitry Peskov on Wednesday said the European Union's plans to phase out Russian energy and commodities more quickly will not affect Russia.
Despite sanctions already in place, the EU still imports billions of euros worth of Russian energy and commodities, ranging from liquefied natural gas to enriched uranium, though its imports of Russian oil and gas have plummeted.
Oil retreats but geopolitical jitters limit declines
FE Team | Published: September 17, 2025 20:56:47
Oil retreats but geopolitical jitters limit declines
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