Brent Steady as Markets Weigh Russian–Ukrainian Peace Talks
Brent crude oil steadied on Monday as markets weighed the prospects of a possible peace deal in Ukraine and the likelihood that the US could lift sanctions on Russian oil exports.
Traders chart showed Brent crude is stable, hovering around its previous daily close at $61.90. West Texas Intermediate (WTI) Oil price advances on Monday, early in the European session. WTI trades at $58.13 per barrel, up from Friday’s close at $57.90.
US announced that, following peace plan talks held in Geneva, Switzerland, aimed at ending the Russia-Ukraine war, the parties had prepared an “updated and revised draft peace framework.”
A 28-article peace proposal drawn up under the Donald Trump administration had been presented to Kyiv earlier. Ukrainian President Volodymyr Zelenskyy said Washington was working on a “peace plan” that could end the war, adding that his country would “never betray its national interests.”
US Secretary of State Marco Rubio stressed that they held the “most productive meeting to date” during contacts in Switzerland on ending the Russia-Ukraine war.
Expectations that sanctions could be lifted and supply concerns could ease if a deal is reached are pressuring prices. Meanwhile, comments from US Federal Reserve (Fed) officials have heightened uncertainty over monetary policy, weakening investor appetite and adding downward pressure on prices.
Market expectations for a rate cut at the Fed’s December meeting fluctuated sharply throughout the week amid mixed signals from policymakers, while uncertainty over the bank’s upcoming decision persists. Guinness Nigeria: Analysts See Upside Potential, Differ on TP
