Oil Prices React To US-Ukraine Talks

• 24.11.2025, 9:06

Brent and WTI lost in value.

Oil prices fell on Monday, continuing last week's decline, due to the likelihood of talks between Russia and Ukraine on ending the war after the U.S. and Ukrainian delegations met in Geneva.

According to Reuters.

Brent crude futures fell 14 cents, or 0.22%, to $62.42 a barrel at 01:48 GMT. West Texas Intermediate crude fell 15 cents, or 0.26%, to $57.91 a barrel.

The two benchmark crude grades fell about 3% last week to their lowest level since October 21, as market participants feared a peace deal between Russia and Ukraine could lead to the lifting of sanctions against Moscow and flood the market with previously banned supplies.

"The sell-off is driven mainly by U.S. President Donald Trump's decisive steps toward a peace agreement between Russia and Ukraine, which markets perceive as a quick way to unblock significant supplies from Russian Federation," IG analyst Tony Sycamore wrote in a note.

He added that the steps toward a peace deal far outweigh the short-term restrictions caused by U.S. sanctions against Rosneft and Lukoil, which took effect on Friday. The sanctions have blocked nearly 48 million barrels of Russian oil from reaching the sea.