Oil declines as US continues efforts to end war in Ukraine

Oil drilling rigs

Oil prices fell during trading on today, Dec. 11, as markets monitored the fallout from geopolitical tensions in Venezuela and assessed US efforts to end the Russian war in Ukraine.

Brent crude was trading down 0.35% at $62 a barrel, at 08:59 am Makkah time. West Texas Intermediate (WTI) fell 0.3% to $58.28 a barrel.

Asian oil buyers are demanding steep discounts on Venezuelan crude, driven by increased supplies of sanctioned oil from Russia and Iran, and growing shipping and loading risks in Venezuela following the US military buildup in the Caribbean, Reuters reported.

The leaders of Britain, France and Germany held a telephone conversation with US President Donald Trump to discuss Washington's latest diplomatic efforts to end the war in Ukraine, describing the current phase as a "crucial moment" in the peace process.