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Oil settles up over 2% on dented peace hopes in Ukraine, tensions in Yemen
Oil prices rose over 2% due to heightened risks from Russia-Ukraine conflict and Yemen fighting, with strong Chinese crude imports also tightening supply, analysts said.
- On Dec 29, oil markets settled more than $1 a barrel higher as Russia accused Ukraine of attacking President Vladimir Putin's residence, denting peace hopes.
- After apparent progress in talks, Moscow said it will review its peace-talk position following the alleged drone attack, while Ukrainian President Volodymyr Zelenskiy reported significant progress with U.S. President Donald Trump and teams set to meet next week.
- Price action reflected both geopolitical risk and Brent crude futures rose $1.30 to settle at $61.94, while U.S. WTI gained $1.34 to close at $58.08, as Chinese waterborne crude imports tighten markets.
- Traders reacted because they braced for potential supply disruptions in the Middle East amid Yemen tensions, while Ritterbusch and Associates said it's "looking for the complex to edge higher through the rest of this week and next week."
- Near-Term dynamics are shaped by an extended Reuters poll showing U.S. crude inventories were expected to have fallen in the week ended December 19, with analysts citing a $60 soft floor for Brent.
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Oil settles up over 2% on dented peace hopes in Ukraine, tensions in Yemen
Oil prices settled more than $1 a barrel higher on Monday as Russia accused Ukraine of attacking President Vladimir Putin's residence, while traders braced for potential supply disruptions in the Middle East due to rising tensions in Yemen.
·United Kingdom
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