Oil falls on hopes Russia-Ukraine energy ceasefire will boost supplies
USO•Oil prices fell after President Donald Trump said Russia and Ukraine had agreed to halt attacks on energy facilities. Brent dropped 1.47% to $103.18 a barrel and U.S. crude fell 1.68% to $90.31.
1. Prices slip on ceasefire hopes
Brent crude futures fell $1.54, or 1.47%, to $103.18 a barrel, while U.S. West Texas Intermediate crude declined $1.54, or 1.68%, to $90.31. ICE gasoil futures dropped 3% to $1,436 per barrel after Trump said Russia would supply more than 300,000 metric tons of diesel immediately, another 500,000 tons in November and a further 1 million tons afterward.
2. Supply risks remain
Trump said Russia and Ukraine had agreed to an energy ceasefire, but Ukrainian leader Volodymyr Zelenskiy said he was waiting for details, and Russia did not comment. Middle East conflict and reported attacks on tankers near Oman and in the Strait of Hormuz continued to support Brent above $100 a barrel. Goldman Sachs raised its December Brent forecast to $90 a barrel from $85.
