Oil prices took a breather on Monday, November 24, 2025, as investors weighed the chances for a United States rate cut against the prospect of a Russia-Ukraine deal that could free up more Russian supply through an easing of sanctions.
The United States and Ukraine were set to resume work on a revised plan for the peace deal ahead of a Thursday deadline set by U.S. President Donald Trump, after having agreed to adjust an earlier version that critics said was too favourable to Russia.
Brent crude futures fell 3 cents, or 0.05%, to $62.53 per barrel by 0716 GMT, while West Texas Intermediate was down 7 cents, or 0.12%, at $57.99 a barrel.
Both benchmarks hit their lowest settlements since October 21.
“The selloff was triggered mainly by President Trump’s forceful push for a Russia-Ukraine peace deal, which markets see as a fast track to unlocking substantial Russian supply,” IG analyst Tony Sycamore said in a statement.
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He added that moves towards a deal far outweighed the near-term disruption from U.S. sanctions on state-owned Rosneft and private firm Lukoil that took effect on Friday.
The sanctions have stranded nearly 48 million barrels of Russian crude at sea.
Trump has set a deadline of Thursday for the deal, though European leaders are pushing to improve it.
A peace deal could roll back sanctions that have curbed Russian oil exports, according to Reuters.
Russia was the second-largest producer of crude oil in the world after the United States in 2024, according to the U.S. Energy Information Administration.
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