Lates News

On Wednesday, it was reported that the United States is pushing to end the conflict between Russia and Ukraine, and has drafted a peace framework. International oil prices have fallen in response, with both US and Brent crude dropping over 2% to $59.17 per barrel and $63.02 per barrel respectively. Analysts point out that if the Russia-Ukraine conflict ends, it could pave the way for increased Russian oil exports and exacerbate concerns about oversupply in the market. TPICAP Group energy expert Scott Shelton said, "Considering the size of oil tankers in transit, floating storage, and sanctioned crude, if all sanctioned Russian oil enters the market, oil prices could potentially fall to the lower end of the $50 range." The United States announced last month sanctions on Russian oil giants Rosneft and Lukoil, with November 21 set as the deadline for companies to cease business dealings with these two companies. Janiv Shah, Vice President of Commodity Markets at Rystad Energy, said, "As the Friday deadline for sanctions approaches, the market is under the greatest pressure," adding that a decrease in geopolitical risk premiums will prompt investors to focus more on the weak supply and demand fundamentals.