Diplomatic momentum built after Russian and Ukrainian delegates reached a prisoner swap agreement during bilateral meetings in Abu Dhabi, though mediators noted that critical territorial divisions remain unsettled. Concurrently, markets expect hostilities involving Iran to remain checked prior to high-level talks between Washington and Beijing, even as Tehran vows to keep enriched nuclear material domestically. Compounding these diplomatic tailwinds, crude supplies expanded following an October surge in OPEC+ production alongside a 9-million-barrel rise in U.S. crude stocks.
Key points
Growing global supply and higher October OPEC+ output are directly undermining recent cru…: Growing global supply and higher October OPEC+ output are directly undermining recent crude price strength.
Progress in Russia-Ukraine talks offers diplomatic momentum, but unresolved territorial d…: Progress in Russia-Ukraine talks offers diplomatic momentum, but unresolved territorial disputes prevent an immediate ceasefire.
Iranian nuclear conditions and Strait of Hormuz risks continue to prevent a total collaps…: Iranian nuclear conditions and Strait of Hormuz risks continue to prevent a total collapse in oil markets.
Sources checked by our analysis pipeline: 1
Brent futures lost $1.14, or 1.2%, to $91.62 a barrel by 0141 GMT. US West Texas Intermediate (WTI) crude futures fell $1.04, or 1.2%, to $85.49. Brent rose about 1.4% and WTI 0.6% on Wednesday after hitting two-month lows the previous day.
"Markets are falling on expectations that behind-the-scenes efforts are underway to secure a ceasefire between Russia and Ukraine and that it is unlikely the Iran war will escalate ahead of the US-China summit next week," said Hiroyuki Kikukawa, chief strategist of Nissan Securities Investment, a unit of Nissan Securities.
"However, given the uncertainty surrounding the Strait of Hormuz, the markets are unlikely to suffer a significant collapse," Kikukawa said.
Russian and Ukrainian negotiators agreed to a major prisoner exchange at two days of peace talks in Abu Dhabi that ended on Wednesday, although US mediators said differences remained on other major issues, including territory.
Ukrainian President Volodymyr Zelenskiy said Kyiv hoped to achieve concrete results on resolving the war this year.
Meanwhile, Iran will not allow even a single particle of enriched nuclear material to leave the country…
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Shares of Samsung Life are experiencing a rally today. Further details regarding the specific drivers, figures, and market factors behind the upward movement have not yet been provided.
Shares of Samsung Life are experiencing a rally today. Further details regarding the specific drivers, figures, and market factors behind the upward movement have not yet been provided.