Crude Oil: WTI Hits Lowest Level Since 2021 as Traders Assess Ukraine Deal Prospects

Deep News12-16 06:10

WTI crude fell to its lowest level since February 2021 as traders weighed renewed optimism over potential agreements to end the Russia-Ukraine conflict.

Amid thin trading ahead of the Christmas and New Year holidays, WTI settled below $57 per barrel.

U.S. representatives proposed more substantive security guarantees during peace talks with Kyiv, though the ultimate goal appeared to remain pressuring Ukrainian President Volodymyr Zelensky into territorial concessions.

Crude oil is headed for an annual decline, constrained by expectations that supply will outpace demand both this year and next.

"While a ceasefire wouldn’t immediately trigger a massive return of Russian crude to the market, it would significantly reduce the risk of future supply disruptions," said Rebecca Babin, senior energy trader at CIBC Private Wealth Group.

However, Babin noted that some details of a potential peace deal remain unclear, which could provide support for oil prices.

The January WTI contract fell 1.1% in New York, settling at $56.82 per barrel. February Brent crude declined 0.92% to $60.56 per barrel, marking its lowest closing price since May.

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