The Mar’25 Brent futures contract softened from $78.90/bbl at 1300 GMT to a low of sub-$78.00/bbl levels at 1615 GMT before rising to around $78.20/bbl at 1725 GMT (time of writing). Crude and gasoline prices dropped to two-week lows today, showing moderate declines. Crude oil faced pressure following remarks from Russian President Vladimir Putin, who expressed willingness to discuss Ukraine and oil prices with President Trump, reducing concerns about potential additional US sanctions on Russian crude. Shell is set to report a lower annual profit for 2024, impacted by weak oil prices and declining demand for fossil fuels. The company is expected to announce earnings of £24.1 billion, down from £28.3 billion in 2023. The US Dollar Index dipped below 107.50 on Friday, facing intraday losses and a five-week low after US President Trump raised doubts about applying tariffs on China following a call with President Xi Jinping. The Bank of Japan’s 25 basis point rate hike significantly weakened the USD against the Japanese Yen (JPY). Union Minister Hardeep Singh Puri stated today that India will continue purchasing discounted crude oil from Russia, emphasizing the government’s commitment to securing economically priced oil. He noted that India’s imports from Russia have risen from 0.2% in February 2022 to 30%. At the time of writing, the Mar/Apr’25 and Mar/Sep’25 Brent futures spreads stand at $0.90/bbl and $3.79/bbl, respectively.
