Crude oil futures fall as Trump proposes Russia-Ukraine ‘energy ceasefire’
At 9.35 am on Monday, December Brent oil futures were at $103.32, down by 1.34%, and November crude oil futures on WTI (West Texas Intermediate) were at $90.30, down by 1.69%
Crude oil futures experienced a decline on Monday as US President Donald Trump announced an 'energy ceasefire' between Russia and Ukraine. The price of December Brent oil futures sank by 1.34 percent to $103.32, while November crude oil futures on WTI dropped by 1.69 percent to $90.30. October crude oil futures on MCX saw a decrease of 2.32 percent to ₹8,675, and November futures fell by 2.02 percent to ₹8650.
Trump claimed in a post on Truth Social that both sides had agreed to the ceasefire, urging everyone to honor it. Ukrainian President Volodymyr Zelenskiy awaited further details on the agreement, while Russia had not yet responded to the statement. Earlier, Trump had announced that the US would import diesel from Russia, which subsequently influenced the crude oil prices.
The weekend saw attacks on Saudi Arabian targets by the Houthis, including the main airport in Saudi Arabia, resulting in 12 deaths and over 300 injuries. The Houthis launched additional attacks on Sunday.
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