Oil stable amid possibility of end to Russia-Ukraine war

Oil drilling rigs

Oil prices held steady today, Nov. 24, after falling nearly 3% last week, as markets assessed the possibility of an agreement between Moscow and Kyiv that could allow more Russian supplies through the easing of Western sanctions.

Brent crude was trading at $62.58 a barrel, at 08:52 am Makkah time. West Texas Intermediate (WTI) held at $58.05 a barrel.

The sell-off was mainly a result of President Trump’s strong push for a peace deal between Russia and Ukraine, which markets see as a fast track to unleashing a large Russian supply, Tony Sycamore, Analyst at IG, said in a note, according to Reuters.

The US and Ukraine are moving to resume work on drafting a revised peace agreement plan, ahead of the deadline set by US President Donald Trump, after agreeing to amend the previous version, which faced widespread criticism for being too biased in favor of Moscow.