US EditionOil Prices on Edge as Russia-Ukraine Peace Talks Progress
Markets anticipate increased Russian crude supply from a possible Ukraine peace deal amid rising global output, with oil futures nearing a four-month loss, the International Energy Agency said.
- On Monday, oil prices slipped as traders weighed a Russia‑Ukraine peace deal that could increase crude flows, extending losses from last week after the biggest weekly drop since early October.
- With global output rising, including from OPEC+, and the International Energy Agency forecasting a record 2026 surplus, markets face loosened tightness amid sanctions on Russia risks.
- Market metrics showed Brent crude futures fell 14 cents to $62.42 per barrel, West Texas Intermediate slipped 15 cents to $57.91, and the nearest contract spread narrowed to 25 cents in backwardation.
- Investors have pulled back as a stronger U.S. dollar adds downward pressure and uncertainty over U.S. interest rate cuts persists, with oil prices dropping 3% last week.
- Robert Rennie, head of commodity research at Westpac Bank Corp, cautioned that sanctions have stranded nearly 48 million barrels of Russian crude, which could worsen the global glut if eased.
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17 Articles
Nasdaq surges over 1% higher on Fed interest rate-cut hopes
Wall Street's main indexes opened higher on Monday, buoyed by expectations of an imminent Federal Reserve interest rate cut in December, while investors were also combing for fresh data to gauge the central bank's next move.
Wall Street set to open higher on Fed interest rate-cut expectations
Wall Street's main indexes were set to open higher on Monday, buoyed by expectations of an imminent Federal Reserve rate cut in December, while investors were also combing for fresh data to gauge the central bank's next move.
Events surrounding the Ukraine peace plan pushed down oil prices as investors expect more crude oil to enter the market if an agreement is reached.
Oil Extends Slump as Traders Assess Outlook for Deal on Ukraine
(Bloomberg) — Oil dropped after posting the biggest weekly loss since early October, as traders weighed the prospect of a Ukraine-Russia peace deal that could increase crude flows into an already well-supplied market.
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