1508 ET [Dow Jones]—Oil futures fell for the fourth time in five sessions after U.S. officials said Ukraine agrees with a U.S.-drafted peace plan to end the Russia-Ukraine war, with some details still to be sorted out. Prospects of an end to the war and the lifting of sanctions on Russia have reduced the geopolitical risk premium propping up oil, sending crude and diesel futures to one-month lows. Ritterbusch sees the recent selloff as an overreaction “because the difficult part of the negotiation process lies ahead and it appears that major gaps between parties still need to be filled.” WTI settles down 1.5% at $57.95 after falling as low as $57.10. Brent falls 1.4% to $62.48. ([email protected])
Oil Extends Losses on Prospects for Russia-Ukraine Peace
0839 ET – Oil futures lose more ground following reports that Ukraine agrees with the core terms in a U.S. proposal to end the Russia-Ukraine war. The latest U.S. push to bring an end to the war has reduced the geopolitical risk premium supporting oil prices in a market concerned about oversupply. WTI is down 1.4% at $58.03 a barrel and Brent is 1.3% lower at $62.52 a barrel.([email protected])
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