Global oil prices finally stabilize — Reuters
Photo: Oil prices have stabilized (Getty Images)
On Tuesday, December 2, oil prices remained stable despite market participants assessing the risks associated with drone strikes on Russian energy facilities and escalating tensions between the US and Venezuela, Reuters reports.
According to the agency, Brent crude oil futures were stable at $63.2 per barrel at 08:55 Moscow time, while contracts for the American WTI blend rose 0.13% to $59.4 per barrel.
"The latest goings-on in the oversupplied global picture putting pressure on prices have been balanced by hits on Russian infrastructure that accelerated through the weekend, as well as bubbling tensions between U.S.-Venezuela," says Rystad analyst Janiv Shah.
On Monday, the Caspian Pipeline Consortium announced the resumption of oil shipments from one of the berths at its Black Sea terminal after a drone attack on November 29.
"Focus is also on the Ukrainian peace talks, which might result in Russia increasing its crude oil and product exports once again, although this process is likely to be protracted," says Tamas Varga, an analyst at PVM Oil Associates.
Trump's special representative Steve Witkoff and the president's son-in-law Jared Kushner will meet with Russian dictator Vladimir Putin in Moscow on Tuesday to discuss possible ways to resolve Russia's war against Ukraine.
Market fluctuations
Yesterday, December 1, oil prices rose after OPEC+ members confirmed their intention to maintain stable production levels.
Global oil prices began to rise after falling to a monthly low. However, excess supply and a potential peace agreement between Russia and Ukraine limited the growth.
On November 27, it was reported that oil prices had fallen again amid expectations of a ceasefire between Ukraine and Russia, which could pave the way for the lifting of Western sanctions on Russian supplies.
