Whalesbook
Global oil prices, including West Texas Intermediate and Brent crude, declined as Ukrainian President Volodymyr Zelenskiy agreed to a peace plan potentially involving territory concessions and sanctions removal. This comes ahead of impending US sanctions on Russian oil giants Rosneft PJSC and Lukoil PJSC. The prospect of increased supply from peace progress and sanction removal, contrasted with a bearish market outlook and rising output from OPEC+ and others, is prompting Indian refiners like Reliance Industries Ltd. to seek alternative crude sources.