Oil prices edged lower in Asian trading on Tuesday as hopes for a U.S.-brokered peace deal between Russia and Ukraine raised expectations of increased global crude supply. The dip followed Monday’s modest gains but did little to offset the broader downward trend seen in recent weeks, driven largely by fears of oversupply and weakening global demand.
Brent crude futures for January slipped 0.3% to $63.20 per barrel, while West Texas Intermediate (WTI) crude ticked down 0.1% to $58.72 per barrel as of 20:37 ET (01:37 GMT). Despite mounting geopolitical tensions—particularly renewed reports of Israel violating the U.S.-brokered ceasefire in Gaza—market sentiment remained dominated by concerns about excessive supply and subdued economic activity. Even renewed expectations of a Federal Reserve interest rate cut in December failed to lift oil markets, especially with the U.S. dollar holding firm.
Traders reacted to reports that U.S. and Ukrainian officials are collaborating on a comprehensive peace plan aimed at ending the Russia-Ukraine conflict. A revised proposal reportedly emerged from weekend talks in Geneva, although detailed terms have not yet been disclosed. Earlier this month, Washington outlined a 28-point plan to end the war, but it drew criticism for appearing overly favorable to Russia. Still, the possibility of a resolution raised worries that Russia’s oil exports could return more fully to the global market. Any boost in Russian shipments would contribute to already well-supplied inventories and could intensify the risk of a supply glut in the coming year.
Meanwhile, the market is closely watching the impact of newly implemented U.S. sanctions on Russian oil giants Rosneft and Lukoil. The restrictions—among the toughest imposed on Russia’s energy sector—took effect last week and are expected to disrupt existing export routes and complicate purchases for major crude buyers. While the sanctions initially pushed prices higher, their influence has since faded amid persistent concerns over global oversupply.


Gold Prices Slide Below $5,000 as Strong Dollar and Central Bank Outlook Weigh on Metals
Trump Signs Executive Order Threatening 25% Tariffs on Countries Trading With Iran
Trump Lifts 25% Tariff on Indian Goods in Strategic U.S.–India Trade and Energy Deal
Bank of Japan Signals Readiness for Near-Term Rate Hike as Inflation Nears Target
Dow Hits 50,000 as U.S. Stocks Stage Strong Rebound Amid AI Volatility
Singapore Budget 2026 Set for Fiscal Prudence as Growth Remains Resilient
Trump’s Inflation Claims Clash With Voters’ Cost-of-Living Reality
U.S.-India Trade Framework Signals Major Shift in Tariffs, Energy, and Supply Chains
China Extends Gold Buying Streak as Reserves Surge Despite Volatile Prices
Japan Economy Poised for Q4 2025 Growth as Investment and Consumption Hold Firm
U.S. Stock Futures Slide as Tech Rout Deepens on Amazon Capex Shock
Trump Endorses Japan’s Sanae Takaichi Ahead of Crucial Election Amid Market and China Tensions
Japanese Pharmaceutical Stocks Slide as TrumpRx.gov Launch Sparks Market Concerns
Dollar Steadies Ahead of ECB and BoE Decisions as Markets Turn Risk-Off
Thailand Inflation Remains Negative for 10th Straight Month in January
South Korea’s Weak Won Struggles as Retail Investors Pour Money Into U.S. Stocks
South Africa Eyes ECB Repo Lines as Inflation Eases and Rate Cuts Loom 



