Petroleum futures prices were lower Friday, on track to extend losses for a third straight session, as traders monitored the Trump administration’s renewed push for a Ukraine-Russia peace deal.
As of 11:30 a.m. ET, Nymex crude oil benchmarks were hovering near three-week lows. The January West Texas Intermediate crude contract was down $1.33 at $57.67/bbl, while the February WTI contract sank $1.21 to $57.48/bbl.
The ICE January Brent crude contract slid $1.13 to $62.25/bbl, while February Brent fell $1.16 to $61.64/bbl.
Refined product futures also slid sharply. The Nymex December ULSD contract retreated 8.3cts to $2.4503/gal, and January ULSD slipped 6.73cts to $2.3843/gal.
The December RBOB contract declined 3.46cts to $1.8838/gal, while January futures were down 3.33cts at $1.8107/gal.
Washington’s Ukraine-Russia proposal could soften global supply risks but has drawn skepticism from Kyiv and other European capitals. With the plan still in flux and new U.S. sanctions on Lukoil and Rosneft taking effect Friday, the market juggled competing supply signals amid a firmer dollar, shifting expectations over a possible rate cut in December by the U.S. Federal Reserve and President Trump’s rhetoric around expanding drilling off the coasts of California, Alaska and Florida.
This content was created by Oil Price Information Service, which is operated by Dow Jones & Co. OPIS is run independently from Dow Jones Newswires and The Wall Street Journal.
-Reporting by Allegra Fradkin, afradkin@opisnet.com; Editing by Steve Cronin, scronin@opisnet.com
(END) Dow Jones Newswires
11-21-25 1226ET