Oil Prices on Edge as Russia-Ukraine Peace Talks Progress

Oil markets remained connected borderline aboriginal connected Monday successful aboriginal Asian trade, with each eyes connected reports of imaginable advancement successful the Russia-Ukraine bid talks. At the aforesaid time, a strengthening U.S. dollar is adding downward unit to prices, with some large benchmarks having mislaid astir 3% past week.

At the clip of writing, West Texas Intermediate was trading level astatine $58.05 portion Brent continued to hover astir $62.58.

Last week's diminution saw lipid prices settee astatine their levels since October 21, arsenic markets weighed the anticipation that a bid woody could unlock sanctioned Russian supply.

Traders are interpreting the beforehand successful talks, notably a associated U.S.–Ukraine connection announcing advancement successful an “updated and refined bid framework” that could necessitate Ukraine to output territory and measurement backmost from its NATO ambitions, arsenic a awesome that frozen Russian crude mightiness re-enter planetary markets.

On the woody itself, U.S. Secretary of State Marco Rubio hailed "tremendous progress" successful Geneva, expressing optimism for a woody "very soon," though details stay unclear.

Meanwhile, the dollar scale approached its highest level since precocious May, making dollar-priced lipid much costly for galore buyers and adding unit to the market. This adds to a broader bearish sentiment successful markets owed to rising OPEC+ accumulation and concerns astir demand.

By Charles Kennedy for Oilprice.com

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