Crude oil contracts were down by more than $1 at midday Thursday on word of renewed talks to end Russia's war against Ukraine, a day after President Trump dialed back threats that the U.S. planned to seize Greenland and impose additional tariffs on several European countries.
The NYMEX March West Texas Intermediate contract was off $1.25 to $59.35/bbl at about 12:05 p.m. ET and the April WTI contract was down $1.20 to $59.20/bbl.
London-based March Brent was trading $1.25 lower at $64/bbl and April Brent was off $1.20 to $63.30/bbl.
The U.S. oil benchmarks had risen in each of the last three sessions.
Refined product futures were also trading lower. The more-active March RBOB contract was off 4.05cts to $1.839/gal and the February RBOB contract was down 4.2cts to $1.8155/gal. The March ULSD contract was off by 4.75cts to $2.3115/gal and the February ULSD contract was 4cts lower at $2.3905/gal.
The declines in oil contracts widened after Ukrainian President Volodymyr Zelensky said representatives from the U.S., Russia and Ukraine will meet in the United Arab Emirates for two days this week to discuss a cease-fire.
According to The Wall Street Journal, Zelensky signaled progress in peace talks in a speech at the World Economic Forum in Davos, Switzerland, saying "the documents aimed at ending this war are nearly ready."
A cease-fire or peace deal would likely lead the U.S. to lift sanctions on Russia and end Ukrainian strikes against Russian energy infrastructure, increasing petroleum supplies and pressuring prices.
The oil market is also working through Energy Information Administration released at noon that showed sharp builds in U.S. gasoline, distillate and crude oil stocks in the week ended Friday.
This content was created by Oil Price Information Service, which is operated by Dow Jones & Co. OPIS is run independently from Dow Jones Newswires and The Wall Street Journal.
Reporting by Frank Tang, ftang@opisnet.com; Editing by Jeffrey Barber, jbarber@opisnet.com
(END) Dow Jones Newswires
January 22, 2026 12:36 ET (17:36 GMT)
Copyright (c) 2026 Dow Jones & Company, Inc.
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