FX.co ★ Oil Down with Focus on Ukraine Peace Deal

On Tuesday, WTI crude oil futures slightly declined to $58.7 per barrel, trimming gains from the previous day. The market remains influenced by ongoing discussions regarding a potential Russia-Ukraine peace agreement. Reports have indicated that the original US-proposed 28-point peace plan, intended to resolve the Ukraine conflict, has been streamlined to 19 points following negotiations in Switzerland. The details of which points were excluded remain unclear. A finalized agreement could lead to the lifting of sanctions on Russian oil, potentially increasing supply in an already oversupplied market expected next year. On Monday, WTI crude saw an increase of over 1%, buoyed by a widespread rally in financial markets, amid heightened anticipation that the Federal Reserve might reduce interest rates in the coming month.