Oil prices erase gains after Black Sea ceasefire

Oil drilling rigs

Oil prices erased gains today, March 25, after the United States reached separate agreements with Ukraine and Russia to ensure the safety of navigation in the Black Sea and enforce a ban on attacks by both countries on energy facilities.

Brent crude futures for May delivery settled at $73.02 per barrel, after touching $73.57.

WTI crude futures for May delivery fell 0.15%, or 11 cents, to $69 a barrel, after earlier rising to $69.68.

Ukrainian President Volodymyr Zelenskyy agreed to a truce with Russia covering the Black Sea and energy infrastructure, effective immediately today. He indicated that he would seek more US weapons and impose sanctions on Russia if Moscow violates the agreements, Reuters reported.

The American Petroleum Institute's (API) oil inventory report is expected on March 26, ahead of the official release of data from the US Energy Information Administration (EIA), with crude inventories expected to rise by 1.5 million barrels.