The peace agreement could lead to the lifting of sanctions on Russian oil imposed in the wake of the invasion of Ukraine, freeing up supplies from the world’s third-largest producer of this commodity, at a time when the market is already facing expectations of oversupply.
At the close, Brent crude (global reference) scheduled for January delivery fell 0.20%, at US$63.38 per barrel, on the Intercontinental Exchange (ICE). West Texas Intermediate crude (US reference) due in December fell 0.50% to US$59.14 per barrel on the New York Mercantile Exchange (NYMEX).
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