<div id="readability-page-1"><div>MARKET MOVEMENTS: -- Brent crude oil is down 2.5% to $59.06 a barrel. -- European benchmark gas is down 1.9% to 26.90 euros a megawatt-hour. -- Gold futures are up 0.7% to $4,366.10 a troy ounce. -- LME three-month copper futures are down 0.4% to $11,635 a metric ton. TOP STORY: Oil Holds Near Lowest Level Since 2021 on Ukraine Peace Hopes, Looming Oversupply Oil prices extended losses on Tuesday, hovering near their lowest level since 2021 as renewed optimism over Russia-Ukraine peace talks and prospects of a widening surplus weighed on markets. In midmorning European trade, Brent crude fell 1.8% to $59.46 a barrel, while West Texas Intermediate was down 1.9% to $55.60 a barrel. Progress in talks to end the war in Ukraine has fueled optimism among traders, as a potential deal could lead to the lifting of U.S. sanctions on Russian oil companies, reducing the risk premium and adding barrels to an already well-supplied market. OTHER STORIES: Pembina Pipeline Projects Growth in 2026 Outlook Pembina Pipeline has guided for growth in 2026 while sticking to its three-year targets. The Canadian energy infrastructure company on Tuesday said that it expects adjusted earnings before interest, taxes, depreciation and amortization in 2026 to come in between 4.125 billion Canadian dollars ($3 billion) and C$4.425 billion. -- Chinese Renewable Energy Company Guoxia Jumps in Hong Kong Debut Shares of Guoxia Technology jumped in their Hong Kong debut, after the renewable energy company's initial public offering drew overwhelming demand from investors. The Chinese company's shares more than doubled from their IPO price to 45.60 Hong Kong dollars in early trading Tuesday. The benchmark Hang Seng Index was 1.8% lower. -- Titan Mining Gets $15 Million Investment to Accelerate Graphite Development in New York Titan Mining landed $15 million from an investor to strengthen its balance sheet and position the miner to fast-track completion next year of a feasibility study for its critical-minerals project in upstate New York. The funding from an institutional equity investor adds to the further $5.5 million the company recently secured from Export Import Bank of the U.S. for development of Titan's Kilbourne graphite project. -- China Lowers Duties on EU Pork Imports China plans to impose lower duties on pork imports from the European Union after more than a year of investigations. The Chinese commerce ministry said Tuesday that it would impose duties ranging from 4.9% to 19.8% on EU pork products, ending an antidumping probe that started last June. It was viewed as a response to the bloc's levies on Chinese electric vehicles. -- South32 Set to Suspend Mozambique Smelter After Power Supply Talks Stall South32 is preparing to suspend its Mozal aluminum smelter in Mozambique after long-running talks to secure a new electricity supply agreement failed. The Australia-based miner has been working with government officials and power producers for the past six years to lock down the electricity supply needed for the smelter, located near the capital of Maputo. -- Teck Resources, Anglo American Receive Canadian Approval for Merger Mining giants Teck Resources and Anglo American have received approval from the Canadian government for a deal to create one of the world's largest copper producers. The formation of Anglo Teck will provide &#34;enduring benefits&#34; for Canada, the companies said Monday. Teck is based in Vancouver, British Columbia, and the Pacific Coast city will serve as the global headquarters for the new company. MARKET TALKS: Precious Metals Push Higher After Economic Data -- Market Talk 1003 ET - Gold and silver futures have turned positive after the delayed labor report shows unemployment rising to 4.6% in November. It's the highest unemployment rate seen in over four years, and managed to pull precious metals out of lower trading seen overnight. Gold and silver are expected to continue to push to new record highs as the year closes out, says Peter Cardillo of Spartan Capital Services in a note. Gold futures rise 0.5%, and silver climbs 0.1%. (kirk.maltais@wsj.com) -- Gold Rises as Traders Assess Latest U.S. Data -- Market Talk 1443 GMT - Gold prices rise in afternoon trading as investors digest the latest U.S. economic data and its implications for the Federal Reserve's policy path next year. Futures in New York are up 0.6% to $4,361.20 a troy ounce, while spot gold rises 1.8% to $4,304.91 an ounce. The U.S. dollar index, instead, is down 0.3% to 98.06. U.S. retail sales were flat in October, while the unemployment rate rose to its highest in more than four years in November. &#34;Today's U.S. data releases were overall weaker than expected, although not as bad as some had feared either,&#34; says Fawad Razaqzada from Forex.com. &#34;U.S. rate futures still saw two cuts in 2026 after the jobs and retail sales data, pricing around 58 basis points of easing next year.&#34; (giulia.petroni@wsj.com) -- Oil on Track for Lowest Settlement Since February 2021 -- Market Talk 1421 GMT - Oil prices are on track for their lowest settlement since February 2021, pressured by renewed hopes for an end to the war in Ukraine. Brent crude slides 2.1% to $59.26 a barrel, while WTI falls 2.3% to $55.39 a barrel. A peace deal could pave the way for the easing or lifting of U.S. sanctions against the Russian oil sector, allowing additional crude volumes to reach the market. &#34;Russian oil stored in tankers would find buyers more easily and the mutual attacks on energy infrastructure would cease,&#34; analysts at Commerzbank say. However, they caution current price weakness might be overdone. &#34;A significant expansion of oil supplies from Russia is unlikely because Russia is bound by OPEC+ production targets and is already producing close to its own capacity limits.&#34; (giulia.petroni@wsj.com) -- U.S. Natural Gas Extends Losses on Warmer Forecasts -- Market Talk 0833 ET - U.S. natural gas futures fall further on the milder weather outlook for the second half of December, with lower LNG feedgas flows contributing to loss of demand. &#34;Cold air supply in Canada suggests that forecasts could revert colder anytime to deliver a relief rally,&#34; Eli Rubin of EBW Analytics says in a note. But until the forecast solidifies, &#34;natural gas will search for support-and continued notable losses are possible.&#34; He attributes a drop in LNG demand to the recent spike in natural gas spot prices. &#34;When daily demand soars, spot prices rise, and LNG feedgas demand often declines,&#34; he says. Nymex natural gas is down 2.4% at $3.916/mmBtu. (anthony.harrup@wsj.com) -- Oil Futures Extend Losses on Russia-Ukraine Peace Hopes 0840 ET - Oil futures are falling for a fourth straight session on oversupply concerns and lower geopolitical risk premium, with WTI nearing May's intraday low. Crude oil is &#34;approaching critical technical levels,&#34; Peter Cardillo of Spartan Capital says in a note. &#34;A downside break could soon put $50 oil to the test.&#34; Beyond the bearish trend in oil, &#34;we believe the market is increasingly pricing in the possibility of a forthcoming peace deal between Russia and Ukraine,&#34; he adds. WTI is off 1.9% at $55.76 a barrel and Brent is down 1.7% at $59.52 abarrel. (anthony.harrup@wsj.com) -- Global Fund Managers Run Highest Risk Allocations Since Before Ukraine War: BofA Survey -- Market Talk 1200 GMT - Fund managers have greater exposure to commodities and equities than at any time since before Russia's full-scale invasion of Ukraine, Bank of America says in its December European fund manager survey. Equity allocations rise to a net 42% overweight and commodity allocations rise to a net 18%, which taken together are at heights last hit in Feb. 2022. The level of optimism among fund managers is at its highest since the post-Covid boom of Nov. 2020 to July 2021, the survey says. Bank of America's bull and bear indicator is now close to a sell signal at 7. The bank recommends investors sell equities when this indicator rises above eight. (josephmichael.stonor@wsj.com) -- Palm Oil Falls, Tracking Weakness in Soybean Oil -- Market Talk 1005 GMT - Palm oil prices ended lower, tracking weakness in the Chicago soybean oil market, said David Ng, a trader at Kuala Lumpur-based Iceberg X. There are also concerns over weak demand in the coming weeks, he added. Ng pegs support for crude palm oil futures at 3,900 ringgit a ton and resistance at 4,080 ringgit a ton. The Bursa Malaysia Derivatives contract for February delivery fell 52 ringgit to 3,961 ringgit a ton. (jiahui.huang@wsj.com; @ivy_jiahuihuang) -- Anglo-Teck Deal Derisked After Canadian Approval -- Market Talk 0945 GMT - The Government of Canada's approval for Anglo American's merger with Teck Resources removes a key regulatory risk, J.P. Morgan analysts write. The combination of the mining companies was cleared under the Investment Canada Act. The deal, which has also cleared competition scrutiny in Canada and Australia, will position Anglo-Teck as a significant force in copper, they write. Anglo American's shares trade up 0.2% at 2,858 pence. (adam.whittaker@wsj.com) -- Europe's Energy Stocks Slide as Oil Extends Losses -- Market Talk 0922 GMT - European oil and gas stocks slide in morning trade as oil prices continue to fall on negotiations to end the war in Ukraine. Brent crude is down 1.2% to $59.85 a barrel, while WTI declines 1.2% to $56.01 a barrel, its lowest level since 2021. Norway's Equinor is down nearly 1%. Britain's Shell and BP, as well as Spain's Repsol, all fall around 0.6%. France's TotalEnergies is down 0.4%. Oil prices have come under pressure this year as traders anticipate a growing supply glut coupled with weakening demand. The prospect of Russian oil reentering the global market is putting additional downward pressure on prices. (adam.whittaker@wsj.com) -- Gold Slips Ahead of Key U.S. Data -- Market Talk (MORE TO FOLLOW) Dow Jones Newswires12-16-25 1036ET</div></div>

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Oil prices are near their lowest since 2021 due to Ukraine peace hopes and oversupply concerns. Brent crude fell 1.8% to $59.46 a barrel. Pembina Pipeline projects growth in 2026. Guoxia Technology shares surged in Hong Kong debut. Titan Mining received $15 million for graphite development. China lowers duties on EU pork imports. South32 to suspend Mozambique smelter. Teck Resources and Anglo American merger approved. Gold prices rise amid U.S. economic data analysis.

Oil Holds Near Lowest Level Since 2021 on Ukraine Peace Hopes, Looming Oversupply -- Commodities Roundup