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Oil Prices Fall on Russia-Ukraine Peace Deal Talks
Brent crude dropped below $60, down 20% this year, as hopes for eased Russian oil sanctions grew amid weak Chinese demand and rising global oil supply.
- On Tuesday, oil prices fell in early trading as prospects for a Russia-Ukraine peace deal appeared to strengthen, raising expectations of eased sanctions across global oil markets.
- The U.S. offered NATO-style security guarantees for Kyiv at talks in Berlin, and reported progress yesterday heightened hopes talks could end the conflict.
- IG market analyst Tony Sycamore warned that `soft Chinese economic data fueled concerns global demand may not absorb supply growth`.
- ANZ analysts said crude fell as the market weighed optimism on a peace deal, raising concerns that U.S. sanctions on Russian oil companies would be lifted, adding to supply.
- China's factory output slowed to a 15-month low on Monday, while the U.S. seizure of an oil tanker off Venezuela last week and Chinese buyers from Venezuela limited market gains as territorial concessions remained unresolved.
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Oil & Gas 360Oil slips below $60 on Russia-Ukraine peace deal talks, weak China data
China's factory output growth slowed to a 15-month low, official data showed. Retail sales also grew at their slowest pace since December 2022, during the COVID-19 pandemic.
·India
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Oil prices continue to fall on Tuesday, undermined by the talks on Ukraine and the prospects for abundant supply. ...
·Brussels, Belgium
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Total News Sources67
Leaning Left4Leaning Right10Center15Last UpdatedBias Distribution52% Center
Bias Distribution
- 52% of the sources are Center
52% Center
14%
C 52%
R 34%
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