{"id":656630,"date":"2025-12-26T21:48:15","date_gmt":"2025-12-26T21:48:15","guid":{"rendered":"https:\/\/www.europesays.com\/uk\/656630\/"},"modified":"2025-12-26T21:48:15","modified_gmt":"2025-12-26T21:48:15","slug":"oil-slides-on-ukraine-deal-prospects","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/uk\/656630\/","title":{"rendered":"Oil Slides on Ukraine Deal Prospects"},"content":{"rendered":"<p>Oil slumped in muted post-Christmas trading as investors assessed a fresh development in long-stalled Ukraine peace talks which could lead to a deal that allows more Russian oil into global markets grappling with oversupply.<\/p>\n<p>West Texas Intermediate edged down 2.8% on Friday to settle near $57 a barrel, the biggest drop since mid-November, while Brent ended below $61. Ukrainian President Volodymyr Zelenskiy said he expects to meet with US President Donald Trump in Florida on Sunday about ending Russia&#8217;s war, adding that his country&#8217;s framework deal with the US was &#8220;almost ready&#8221; and signing it will depend on the upcoming meeting.<\/p>\n<p>&#8220;He doesn&#8217;t have anything until I approve it,&#8221; Trump said, referring to Zelenskiy. &#8220;So we&#8217;ll see what he&#8217;s got.&#8221; In November, Trump said on social media he wouldn&#8217;t meet with the leaders of the two countries until a deal was at least in its final stages.<\/p>\n<p>However, the latest comments from Moscow raised doubts about how close a final agreement really is. Russian Deputy Foreign Minister Sergei Ryabkov described Kyiv&#8217;s latest plans as &#8220;radically different&#8221; from the key points Moscow has discussed with the US, according to a report in Russian media.<\/p>\n<p>The Ukraine development erased earlier gains on a partial US blockade of crude shipments from Venezuela and a military strike by Washington against a militant group in Nigeria. Volumes are also trending lower following Christmas, with many traders away, leading to exaggerated price swings.<\/p>\n<p>The White House has ordered commanders to concentrate for the next two months on quarantining Venezuelan oil, according to a person familiar with the matter. The person, who requested anonymity, said US forces were focused almost exclusively on the blockade, rather than military options.<\/p>\n<p>Meanwhile, Trump said that the US launched a &#8220;powerful and deadly strike&#8221; against Islamic State targets in northwest Nigeria, with US Defense Secretary Pete Hegseth threatening more to come. The country, an OPEC member, produced about 1.5 million barrels a day in November, according to data from the group.<\/p>\n<p>Advertisement &#8211; Scroll to continue<\/p>\n<p>Even as geopolitical risks lend a floor to prices, WTI crude remains on track for the biggest annual decline since 2020 with a roughly 21% slide. The drop has been driven by expectations for a surplus, with virtually all of the world&#8217;s major crude traders foreseeing a global glut next year after producers in and outside OPEC+ increased supplies.<\/p>\n<p>&#8220;Oil prices have been receiving support from strong US macro data and geopolitical instability over the past week,&#8221; said Kirill Bakhtin, senior oil and gas analyst at Moscow-based BCS Financial Group. &#8220;As no new US stats are scheduled in the coming days, we expect a slight decline in prices going forward unless politics continues to weigh in.&#8221;<\/p>\n<p>Commodities including crude also had support from a weakening US currency, a shift that makes raw materials cheaper for most buyers. The Bloomberg Dollar Spot Index has shed nearly 0.8% this week.<\/p>\n<p><strong>Oil Prices<\/strong><\/p>\n<ul>&#13;<\/p>\n<li><strong>WTI for February settled at $56.74 a barrel in New York, 2.8% lower from the close on Wednesday. <\/strong>&#13;<br \/>\n&#13;<\/p>\n<ul>&#13;<\/p>\n<li><strong>The markets were closed on Thursday for the Christmas holiday.<\/strong><\/li>\n<p>&#13;\n\t<\/ul>\n<p>&#13;\n\t<\/li>\n<p>&#13;<\/p>\n<li><strong>Brent for February settlement fell 2.6% to settle at $60.64 a barrel.<\/strong><\/li>\n<p>&#13;\n<\/ul>\n<p>\u00a0<\/p>\n<p>&#13;<br \/>\n                                    What do you think? 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