Oil prices continue to rise

Oil prices continue their rise. At 10:49 p.m. Central Daylight Time (CDT), 2^nd June, 2025, WTI crude for July delivery is up by 0.64% at $62.92 per barrel. Brent crude is up by 0.51% at $64.96 per barrel. In the last 3 days, oil prices have risen by more than 3%.

Oil prices jumped after geopolitical uncertainty increased due to Ukraine’s latest offensive against Russia. Ukraine has claimed that more than 40 Russian fighter planes were destroyed in this attack. Russia launched a retaliatory attack yesterday.

Second round of ceasefire talks end without any result

There is expectation that oil supply from Russia would get disrupted if the conflict worsens further. A second round of talks for ceasefire was held between Russia and Ukraine yesterday. But it lasted less than an hour and did not yield any result.

Energy stocks gained in US markets yesterday, after oil prices increased. Stocks of oil & gas production companies may show some rise in Indian markets today.

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Source: OPEC+