Oil hardly changed as traders watch Russia-Ukraine peace deal
A potential Russia-Ukraine peace deal could ease sanctions disrupting global supply flows
17 February 2025 - 08:06
byYuka Obayashi and Jeslyn Lerh
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An oil pump jack is seen in the Loco Hills region, New Mexico, US. File photo: LIZ HAMPTON/REUTERS
Singapore — Oil prices were little changed on Monday as investors eyed developments on a potential Russia-Ukraine peace deal that could ease sanctions disrupting global supply flows.
Brent crude futures was up 7c at $74.81 a barrel at 4.30am GMT, while US West Texas Intermediate crude was stable at $70.75 a barrel.
The market continued to keep an eye on progress of peace talks, after US President Donald Trump and his administration officials announced they had begun discussions with Russia to end the war in Ukraine.
“If negotiations lead to a resolution, more Russian barrels would enter global supplies, which could significantly impact oil prices negatively,” said Priyanka Sachdeva, senior market analyst at Phillip Nova.
“Despite bearish developments, the near-term for oil looks somewhat supported by positive signs on the demand side,” said Sachdeva, pointing to largely stable forecasts for oil demand.
Trump said on Sunday that he believed he could meet Russian President Vladimir Putin “very soon” to discuss ending the war in Ukraine.
His comments come as the US and Russia are preparing for initial talks in Saudi Arabia in the coming days.
US secretary of state Marco Rubio also said on Sunday that Ukraine and Europe would be part of any “real negotiations” to end Moscow’s war, signalling that US talks with Russia this week were a chance to see how serious Putin is about peace.
Sanctions by the US and EU on Russian oil exports have curbed its shipments and disrupted seaborne oil supply flows.
Meanwhile, the risk of a global trade war is capping prices after Trump last week ordered commerce and economic officials to study reciprocal tariffs against countries that place tariffs on US goods and to return their recommendations by April 1.
US energy firms last week added oil and natural gas rigs for a third consecutive week for the first time since December 2023, energy services firm Baker Hughes said in its closely followed report on Friday.
The oil and gas rig count, an early indicator of future output, rose by two to 588 in the week to February 14.
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
Oil hardly changed as traders watch Russia-Ukraine peace deal
A potential Russia-Ukraine peace deal could ease sanctions disrupting global supply flows
Singapore — Oil prices were little changed on Monday as investors eyed developments on a potential Russia-Ukraine peace deal that could ease sanctions disrupting global supply flows.
Brent crude futures was up 7c at $74.81 a barrel at 4.30am GMT, while US West Texas Intermediate crude was stable at $70.75 a barrel.
The market continued to keep an eye on progress of peace talks, after US President Donald Trump and his administration officials announced they had begun discussions with Russia to end the war in Ukraine.
“If negotiations lead to a resolution, more Russian barrels would enter global supplies, which could significantly impact oil prices negatively,” said Priyanka Sachdeva, senior market analyst at Phillip Nova.
“Despite bearish developments, the near-term for oil looks somewhat supported by positive signs on the demand side,” said Sachdeva, pointing to largely stable forecasts for oil demand.
Trump said on Sunday that he believed he could meet Russian President Vladimir Putin “very soon” to discuss ending the war in Ukraine.
His comments come as the US and Russia are preparing for initial talks in Saudi Arabia in the coming days.
US secretary of state Marco Rubio also said on Sunday that Ukraine and Europe would be part of any “real negotiations” to end Moscow’s war, signalling that US talks with Russia this week were a chance to see how serious Putin is about peace.
Sanctions by the US and EU on Russian oil exports have curbed its shipments and disrupted seaborne oil supply flows.
Meanwhile, the risk of a global trade war is capping prices after Trump last week ordered commerce and economic officials to study reciprocal tariffs against countries that place tariffs on US goods and to return their recommendations by April 1.
US energy firms last week added oil and natural gas rigs for a third consecutive week for the first time since December 2023, energy services firm Baker Hughes said in its closely followed report on Friday.
The oil and gas rig count, an early indicator of future output, rose by two to 588 in the week to February 14.
Reuters
Asian equities mostly higher
Gold firms on softer dollar
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