Oil prices fell after Trump’s statement about a possible end to the war in Ukraine
Oil prices dropped below $60 per barrel following Donald Trump’s statement that an agreement to end the war in Ukraine is “closer than ever.” This decrease is driven by the prospects of easing sanctions against Russia and the increase in Russian oil supplies.
On the London ICE Futures exchange, February futures for Brent crude fell by $0.94 to $59.62 per barrel, while on NYMEX, January futures for WTI crude dropped by $0.93 to $55.74 per barrel. Experts believe that the potential resolution of the conflict in Ukraine may lead to a reduction in geopolitical tensions, which in turn could impact oil markets.
Traders in oil markets are concerned about the possibility of a large surplus due to increased Russian oil supplies if sanctions are lifted or eased. Trump’s statement followed talks with Ukrainian President Volodymyr Zelensky, where the peace process and Ukraine’s security issues were discussed.
Meanwhile, European leaders proposed a plan that includes airspace protection and Ukraine’s possible accession to the European Union. Negotiations in this direction are ongoing, and according to Zelensky, they are productive, with a focus on ensuring a decent peace for Ukraine.
| Date | Brent ($/barrel) | WTI ($/barrel) |
|---|---|---|
| May 5 | 60+ | 60+ |
| December 16 | 59.62 | 55.74 |
