Overview

• Brent and WTI hovered near $67.63 and $63.51, leaving both contracts on track to snap a two-week losing streak with modest weekly gains.
• Traders rebuilt a geopolitical premium after hopes for a rapid settlement faded, reversing the earlier sell-off tied to expectations of swift diplomacy.
• Russia carried out an air attack near Ukraine’s EU border and Ukraine said it struck a Russian refinery, heightening perceived supply risks.
• EIA data showed U.S. crude stockpiles fell by 6 million barrels in the week ended Aug. 15, far larger than the 1.8 million-barrel draw analysts expected.
• Investors are monitoring the Jackson Hole gathering for Federal Reserve signals that could shift the oil demand outlook.