Oil Prices Rise Amid Ukraine Talks, Oversupply Pressure

Oil prices edge up amid Ukraine talks, global surplus concernsOil prices have seen a slight increase, with West Texas Intermediate trading near sixty dollars a barrel and Brent crude settling above sixty-three dollars. This comes as investors watch ongoing ceasefire talks in Ukraine and consider signs of a growing surplus in the global oil market. Russian President Vladimir Putin has indicated that several points within a US-backed peace plan are unacceptable, making a resolution challenging. Meanwhile, oversupply is putting pressure on prices worldwide, with Saudi Aramco reducing the price of its main Arab Light crude grade and Canadian oil prices also dropping. Analyst Zhou Mi suggests that the bearish trend in oil prices is likely to continue due to fundamental oversupply in the crude market.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.