Oil Trades Sideways With Market Focused on Russia-Ukraine

Group 1 - Oil futures are currently stable as the market is focused on the U.S. peace plan for Russia-Ukraine, which could reduce the risk premium supporting oil prices amid oversupply concerns [1] - Peter Cardillo from Spartan Capital notes that crude oil remains trendless as bearish market conditions intensify [2] - The EIA is expected to report a weekly U.S. inventory draw of 1.3 million barrels for crude oil, along with small increases in gasoline and diesel stocks [2]