Energy markets started a calm trade on Thursday, halting the heavy rout seen in the past two sessions on easing tension over the crisis in Ukraine and signs that US crude oil demand is faltering.
Oil traders are pulling the brakes after a two-day sharp sell-off fueled by the a larger-than-expected increase in US crude inventories and data suggesting US private jobs growth has lost more steam in February.
On Ukraine, the UN Secretary Council and European leaders are expected to hold emergency talks to tackle the crisis in Kiev, and hopefully offering the markets some sort of a relief after a jittery trade.
As of 03:19 a.m. ET:
- WTI Crude for April delivery fell 0.30% to $101.15 a barrel
- Brent Crude traded flat at $107.76 a barrel
Meanwhile, focus shifts to another round of key US data to be released later in the day, including the government`s weekly jobless claims and natural gas supply reports. More, eyes will be much focused the Friday`s infamous non-farm payroll report for February.
Investors are also anticipating big decisions from the European Central Bank and the Bank of England, with a consensus calling for steady policy outcomes.