SPDR S&P Oil & Gas Exploration & Production ETF

XOP

Market cap $1.79B

Brent crude futures rose by 1.1% to $62.61 per barrel at 0012 GMT after U.S. President Donald Trump said on Wednesday that Indian Prime Minister Narendra Modi had pledged to stop buying oil from Russia.

Oil markets are losing ground amid lack of positive catalysts.

Bank of America on Wednesday said that if U.S.-China trade tensions intensify while OPEC+ production ramps up, Brent prices could slip below $50 a barrel.

The Organization of the Petroleum Exporting Countries (OPEC) is moving to appoint "one of the top consultants" to visit member states and assess their production capacity in the coming months, Kuwait's oil minister Tareq Al-Roumi said on Wednesday.

The crude oil market looks as if it is trying to bounce a bit, but overall, oil looks very soft and I think buying it is all but impossible at this point in time.

OPEC production growth, IEA surplus warning, and weak demand outlook drive bearish crude oil sentiment. All eyes now on EIA and API inventory data.

Concept stocks with no revenue have soaring valuations. OpenAI CEO Sam Altman has backed the biggest of these energy companies.

OPEC Secretary General Haitham Al Ghais reiterated on Wednesday that more investment is needed in oil and gas.

Global oil prices slide to multi-month lows as supply surges and demand weakens. Traders await key inventory data for recovery signals.

Oil prices fell in early trade on Wednesday, extending losses from the previous session, as investors weighed the International Energy Agency's warning of a supply surplus in 2026 and U.S.-China trade tensions that could hurt demand.