Oil Falls as Peace Reports and Russian Supply Signals Weigh on Prices

Overview

• Brent for January settled down 1.40% at $62.48 and January WTI fell 1.51% to $57.95 on November 25.
• Markets reacted to reports that Ukraine accepted a U.S.-proposed peace deal, though the claims were not independently confirmed.
• Signals that Russian crude continues to skirt sanctions, alongside Moscow–Beijing talks on expanding exports, suggested more available supply.
• JPMorgan forecasts Brent averaging $57 in 2027 and warns prices could drop into the $30s without coordinated production cuts.
• Eurasia Group noted continuing Russian attacks complicate U.S. mediation, keeping a deal uncertain, and any settlement could pave the way for eased sanctions and additional supply.