Key Highlights
- (Source: Bloomberg) Show Quick ReadSummary is AI Generated.
- Newsroom ReviewedOil held a two-day advance as investors weighed the next steps for talks on a ceasefire in Ukraine, and signs of a swelling surplus. West Texas Intermediate traded near $60 a barrel after closing 1.2% higher on Thursday.
- Brent settled above $63.
- Ukrainian negotiators will join a new round of discussions in Florida, while Russian President Vladimir Putin said some of the points in a US-backed peace plan were unacceptable to him. The market is watching for progress on a deal, which could potentially lead to sanctions being lifted on Russia and more oil exports, though reaching an actual agreement appears distant at this stage.
- Additional supply would likely weigh on prices, which are already on track for a hefty annual loss on glut concerns.
