Futures for oil are rising amid expectations of a peace deal between Russia and Ukraine.
World oil prices began to recover on Wednesday after falling to a monthly low, despite a possible surplus in the market.
Brent crude futures rose by 27 cents, or 0.43%, to $62.75 per barrel, while West Texas Intermediate crude futures increased by 24 cents, or 0.41%, to $58.19 per barrel. Although the market showed some growth, analysts emphasize that there is a fundamental downside risk. Investors are worried about the supply surplus, which may persist until 2026, as well as the lack of significant factors that could stimulate demand.
Oil prices fell by 89 cents on Tuesday after Ukrainian President Volodymyr Zelensky confirmed to European leaders his readiness to reach a U.S.-backed agreement to end the war with Russia. Analysts underline that if an agreement is reached, it could lead to the rapid lifting of Western sanctions on Russian oil exports, impacting the global oil market.
The market is witnessing a decline in Russian oil shipments, resulting from a reduction in purchases by major buyers such as China, India, and Turkey. According to sources, this is reducing Russia’s daily revenues by millions of dollars and prompting the country to offer significant discounts that have reached a psychological threshold.
| Indicator | Value |
|---|---|
| Brent Price | $62.75 |
| Brent Change | +0.43% |
| WTI Price | $58.19 |
| WTI Change | +0.41% |
