Oil falls amid Russia-Ukraine ceasefire expectations

Oil drilling rigs

Oil prices fell during trading today, Nov. 27, amid expectations of a ceasefire between Kyiv and Moscow, which could pave the way for lifting of Western sanctions on Russian supplies.

 

Brent crude was trading down 0.55% at $62.78 a barrel, at 09:02 am Makkah time. West Texas Intermediate (WTI) fell 0.55% to $58.34 a barrel.

 

Trading is expected to thin during the US Thanksgiving holiday. Financial markets are closed today, with trading to resume on Nov. 28 in a shortened session.

 

Meanwhile, OPEC+ is likely to keep production levels unchanged at its meeting on Nov. 30, Reuters reported, citing three sources.

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