Oil prices fall as prospects of Russia-Ukraine peace increase
Istanbul, December 19 (Hibya) – Oil prices fell on Friday as rising prospects of a peace agreement between Russia and Ukraine offset supply disruption concerns stemming from the blockade of Venezuelan oil tankers, leading prices to close lower for a second consecutive week.
Brent crude futures fell 9 cents, or 0.2%, to $59.73 a barrel, while U.S. West Texas Intermediate (WTI) crude dropped 13 cents, or 0.2%, to trade at $56.02 a barrel.
As a result, Brent crude slipped below $60 a barrel on Friday as oversupply concerns overshadowed geopolitical risks, marking a second straight weekly decline. WTI crude also fell to $56 a barrel, recording its second consecutive weekly loss.
Earlier this week, prices fell to nearly five-year lows amid expectations of ample supply as OPEC+ gradually restores shut-in capacity and non-OPEC producers increase output.
Early signs of weakening demand have also emerged among major consumers, including China and the United States, with oil prices down about 20% so far this year.
The United States suspended all maritime activity of sanctioned oil tankers linked to Venezuela after seizing a blacklisted vessel, and began tightening sanctions on Russia’s energy sector to support Ukraine’s peace efforts. The United Kingdom similarly imposed sanctions on three small Russian oil producers.
British News Agency
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