Oil declines 1% as negotiations to end Ukraine war continue

Oil drilling rigs

Oil prices turned lower today, Dec. 8, as investors monitored negotiations to end the war in Ukraine, despite expectations of a US interest rate cut at the Federal Reserve meeting this week.

Brent crude was trading down 1% at $63.12 a barrel, at 02:51 pm Makkah time. West Texas Intermediate (WTI) fell 1.1% at $59.44 a barrel.

Meanwhile, President Donald Trump expressed his disappointment with Ukrainian President Volodymyr Zelensky's handling of the American proposal to end the war, telling reporters that Zelensky had not yet read the proposal.

This comes amid widespread expectations that the US Federal Reserve will cut interest rates by 25 basis points at its meeting on Dec 9-10, which would boost expectations of economic growth and energy demand.