Oil Prices Drop Amid Ukraine Peace Talks
Oil prices dipped slightly on Friday amid prospects of a peace deal between Russia and Ukraine, which could ease global supply disruptions by lifting sanctions on Moscow. However, losses were limited by a delay in reciprocal U.S. tariffs.
Brent crude for April delivery fell 0.37% to $74.74 per barrel, while U.S. West Texas Intermediate (WTI) for March delivery dropped 0.77% to $70.74 per barrel.
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The market continued its downward trend following recent headlines about discussions between the U.S. and Russia on a potential end to the war in Ukraine.
During a 90-minute phone call on Wednesday, Donald Trump and Vladimir Putin agreed to begin negotiations “immediately” to resolve the three-year conflict.
Ukraine Peace Talks
A resolution “could eventually lead to a lifting of sanctions on Russian oil, allowing more crude to enter the market.” A higher supply would, in theory, drive prices down.
On Friday, U.S. Vice President J.D. Vance reaffirmed Washington’s commitment to securing a “lasting” peace after his first meeting with Ukrainian President Volodymyr Zelensky. Zelensky emphasized the need for a common plan with Western allies before engaging in talks with Russia, stating that Ukraine is ready to “move as quickly as possible toward real and guaranteed peace.”
Beyond geopolitics, oil prices remain influenced by a potential imbalance between supply and demand.
Traders continue to anticipate relatively slow demand growth in 2025, while new supplies from North and South America are expected to enter the market. Additionally, OPEC+ maintains significant spare production capacity, which could further impact prices.
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