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Oil falls as potential Ukraine peace deal may ease supply disruptions

Date: Feb 13, 2025

Oil prices fell on Thursday on expectations that a potential peace deal between Ukraine and Russia would end sanctions that have disrupted supply flows, while crude inventories rose in top producer the United States (US).

Brent futures were down 0.9%, at $74.50 a barrel by 07h15 CAT, while US West Texas Intermediate (WTI) crude dropped 0.9%, to $70.72.

Brent and WTI fell more than 2% on Wednesday after US President Donald Trump said Russian President Vladimir Putin and Ukrainian President Volodymyr Zelenskiy expressed a desire for peace in separate phone calls with him, and Trump ordered top US officials to begin talks on ending the war in Ukraine.

Russia is the world's third-largest oil producer and sanctions imposed on its crude exports as a result of its invasion of Ukraine nearly three years ago have supported higher prices.

In a note on Thursday, ANZ analysts said oil prices eased on news of the potential peace talks because of "optimism that risks to crude oil supplies would ease", pointing to the US and European Union sanctions that are pushing down Russia's output.

--Reuters--