Oil prices fell again after posting their biggest weekly decline since early October, as the market assessed the chances of a Ukraine-Russia peace deal. The agreement could pave the way for increased oil supply from Russia, adding pressure to an already oversupplied market. Brent traded at $61.84 per barrel, while WTI hovered below $58.
Market participants are also watching for potential sanctions relief against Russia if negotiations progress, which could worsen the projected oil surplus next year.
With OPEC+ and American producers continuing to increase production, market sentiment remains bearish. At the start of the Asian session, Brent fell 0.4% to $62.34, while WTI weakened 0.3% to $57.88 per barrel. (asd)
The oil price at the time of this analysis was released was $61.84.
Disclaimer:
This article is analytical in nature and does not constitute a definitive reference. Please consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id
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