US EditionOil extends decline on possible Russia-Ukraine peace deal
The US peace plan could add 2 million barrels per day to supply as Opec+ raises output and a strong dollar reduces demand, driving oil prices down over 2%.
- On Friday, oil prices fell more than 2 per cent and were heading for a weekly decline as global oil markets reacted to a U.S.-backed peace plan that could increase supplies.
- The U.S.-backed 28-point plan would require Kyiv to cede the Donbas region and limit its army to 600,000 personnel, potentially easing sanctions and increasing oil supply.
- Opec+ moved to increase supply by 137,000 bpd for December, with Brent at $62.67 by 0212 GMT and WTI at $57.50.
- Sanctions that took effect on Friday on Rosneft and Lukoil could leave nearly 48 million barrels stranded, while a stronger U.S. dollar is depressing oil prices this week.
- Analysts cautioned that a glut is forming as Marco Dunand, chief executive and co-founder of Mercuria, warned of potential oversupply next year of up to two million barrels per day.
29 Articles
29 Articles
Will Trump be the biggest loser from the Russia peace deal?
The rumor reverberating around Kyiv is that the FBI has been leaning on Ukrainian anti-corruption police to investigate Zelensky’s inner circle in order to force him to swallow the bitter US peace deal. Trump, as they say, has put the screws, or the feds, on Zelensky. The National Anti-Corruption Bureau – which is unravelling a $100 million war-profiteering scandal that has implicated many of Zelensky’s closest political allies – has denied the …
Oil extends decline on possible Russia-Ukraine peace deal
Oil prices declined for a third consecutive session as the U.S. advocated for a Russia-Ukraine peace deal, potentially increasing global oil supplies. Uncertainty surrounding U.S. interest rate cuts also dampened investor risk appetite, contributing to oversupply concerns and a bearish market sentiment.
Oil extends decline on possible Russia-Ukraine peace deal
PERTH :Oil prices extended their decline for a third straight session on Friday as the U.S. pushed for a Russia-Ukraine peace deal that could bring more oil supplies onto the global market, while uncertainty over U.S. interest rate cuts curbed investor risk appetite.Brent crude futures fell 71 cents, or 1.12
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