Overview
- Brent fell about 1.5% to roughly $62.45 a barrel and WTI dropped to about $58.02, marking a third straight down session.
- Traders weighed reports of a U.S.-led Russia–Ukraine peace initiative that could lift Russian supply, pressuring prices.
- Sanctions targeting Rosneft and Lukoil came into force on Friday, with Lukoil reported to face a December 13 deadline to sell assets.
- A stronger U.S. dollar and uncertainty over near-term Federal Reserve rate cuts further dampened commodity sentiment.
- Both crude benchmarks were set for weekly losses of more than 2.5% on oversupply concerns, with Indian MCX crude futures also declining.