U.S. crude slides to lowest in nearly five years, with focus on potential Russia-Ukraine deal
U.S. crude oil futures fell for the third consecutive session, reaching their lowest levels since early 2021, amid concerns about global oversupply and potential progress in Russia-Ukraine peace talks. A peace deal could increase Russian oil supply, currently sanctioned. Additionally, weak Chinese economic data and forecasts of rising oil inventories contributed to the bearish sentiment. U.S. crude closed at $56.82/bbl, and Brent crude at $60.56/bbl. U.S. natural gas futures also declined, closing at $4.012/MMBtu.
businessinsider·