Oil Swings as Prospects for Ukraine Peace Deal Dominate Market

“Something bully conscionable whitethorn beryllium happening,” President Donald Trump wrote successful a Truth Social station astir the talks.

Refined products similar diesel and gasoline — which person risen successful caller weeks — were down connected Monday. Some trend-following commodity trading advisers were selling positions successful the products though astir stood their ground, according to information from Bridgeton Research Group.

Crude has slumped this year, with futures connected people for a 4th monthly nonaccomplishment successful November, successful what would beryllium the longest losing tally since 2023. The diminution has been driven by expanded planetary output, including from OPEC+, with the International Energy Agency forecasting a grounds surplus for 2026. Traders are monitoring whether a woody connected Ukraine volition materialize, and if sanctions connected Russia volition beryllium lifted — developments that could inject much supply.

“We should expect a tense lipid marketplace up of Thanksgiving connected Thursday,” said Arne Lohmann Rasmussen, main expert astatine A/S Global Risk Management. “Several factors constituent to a bid statement oregon perchance a ceasefire moving person implicit the weekend, which supports further terms declines this week.”

Ukraine President Volodymyr Zelenskiy said Monday that talks had reached a “critical moment” arsenic helium indicated that discussions implicit territory and sovereignty would beryllium difficult.

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