US-Ukraine-Russia meeting to be held in November, says Ukraine's President Zelenskyy

Ukrainian President Volodymyr Zelenskyy outlined plans for talks, saying that Kyiv, Washington and Moscow would hold a trilateral meeting in November, according to a Reuters report on Sunday.

Key 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: Frequently Asked Questions

What defines WTI Oil?

Traded in international markets, WTI Oil is a variety of crude oil. WTI stands for West Texas Intermediate and is one of three major varieties, alongside Brent and Dubai Crude. Its relatively low gravity and sulphur content earn it the descriptions “light” and “sweet”, respectively. This high-quality oil is regarded as 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, with its price regularly cited in media reports.

What determines 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 OPEC, a group of leading oil-producing countries whose decisions help shape prices. Since oil is traded predominantly in US Dollars, the currency's value also matters for WTI Crude Oil. A weaker US Dollar can make oil more affordable, while a stronger dollar can make it less affordable.

Why do inventory figures affect WTI Oil prices?

WTI Oil prices respond to the weekly oil inventory reports issued by the American Petroleum Institute (API) and the Energy Information Agency (EIA). Inventory movements reflect shifts in supply and demand: a decline in stocks can signal stronger demand and push prices higher, whereas rising inventories can point to greater supply and weigh on prices. The API releases its report every Tuesday, followed by the EIA the next day. The two sets of figures generally align, coming within 1% of one another 75% of the time. As the EIA is a government agency, its data is regarded as more reliable.

Why do OPEC decisions matter for WTI Oil prices?

At meetings held twice a year, the 12 oil-producing nations that make up OPEC (Organization of the Petroleum Exporting Countries) jointly set production quotas for member countries. These decisions frequently influence WTI Oil prices. A reduction in quotas can constrain supply and lift oil prices; an increase in OPEC production can have the reverse effect. The broader OPEC+ grouping brings in ten additional non-OPEC members, with Russia the most notable among them.

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