Oil drilling rigs
Oil prices fell during trading today, Dec. 16, deepening losses from the previous session, as markets assessed the prospects for a peace agreement between Russia and Ukraine. 
Brent crude was trading down 1% at $59.96 a barrel—going below $60 for the first time since May. West Texas Intermediate (WTI) fell 1.1% to $56.20 a barrel at 11:13 am Makkah time.
Crude oil prices fell as the market assessed signs of a peace agreement between Russia and Ukraine, which raised concerns that the lifting of US sanctions on Russian oil companies would increase the oversupply in the market, ANZ Bank analysts said in a note, according to Reuters.
The American Petroleum Institute’s report on US oil inventories, as well as purchasing managers’ indices for the industrial and services sectors in several major economies, are expected later today, before the official data is released by the US Energy Information Administration on Dec. 17.
Oil drilling rigs
Oil prices fell during trading today, Dec. 16, deepening losses from the previous session, as markets assessed the prospects for a peace agreement between Russia and Ukraine.
Brent crude was trading down 1% at $59.96 a barrel—going below $60 for the first time since May. West Texas Intermediate (WTI) fell 1.1% to $56.20 a barrel at 11:13 am Makkah time.
Crude oil prices fell as the market assessed signs of a peace agreement between Russia and Ukraine, which raised concerns that the lifting of US sanctions on Russian oil companies would increase the oversupply in the market, ANZ Bank analysts said in a note, according to Reuters.
The American Petroleum Institute’s report on US oil inventories, as well as purchasing managers’ indices for the industrial and services sectors in several major economies, are expected later today, before the official data is released by the US Energy Information Administration on Dec. 17.
