Oil futures are down by over 2% on Tuesday after Ukraine said that it supports the “essence” of a 28-point peace plan brokered by the U.S. The end of the war would likely result in fewer supply chain disruptions to oil infrastructure and exports from Ukraine and Russia, easing pressure on global prices.
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Ukrainian President Volodymyr Zelenskyy is ready to meet with President Trump “as soon as possible” to iron out key issues in the plan, a Ukrainian official told Axios. The meeting could come as soon as Thanksgiving, which falls on November 27.
Ukraine-Russia War Resolution Could Lead to Surge in Supply of Oil
A peace deal between Ukraine and Russia could also encourage the U.S. to lift sanctions on Russia, potentially easing the country’s oil export restrictions. That could further pressure oil prices as more supply enters the market.
“In the short term, the key risk is oversupply and current price levels seem vulnerable,” said Priyanka Sachdeva, senior market analyst at Phillip Nova.
It remains unclear if Russia will agree to the deal, and any delays or setbacks in implementing it could cause volatility in oil prices.
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