WASHINGTON (dpa-AFX) - Oil prices fell on Friday and headed for a weekly decline amid easing geopolitical tensions between Russia and Ukraine as well as prevailing uncertainty over the Federal Reserve's rate trajectory. A stronger greenback also kept prices under pressure.
Benchmark Brent crude futures fell 1.2 percent to $62.60 a barrel while WTI crude futures were down 1.4 percent at $58.17.
U.S. sanctions on Russia's Rosneft and Lukoil will take effect today, marking a significant disruption in international trade.
Despite the uncertainty, media reports suggest that Moscow has prioritized keeping exports steady, maintaining 3.4 million barrels per day of seaborne shipments. Analysts expect the next three to four months to be turbulent as global trade lanes recalibrate.
Meanwhile, Ukrainian President Volodymyr Zelensky has agreed to work on the 28-point peace plan drafted by the U.S. and Russia.
The plan for peace in Ukraine drawn up apparently behind closed doors with Russia and without Ukraine would require Ukraine to cede territory and accept curbs on its military.
The EU warns against rewarding aggression, while Zelenskyy faces domestic pressure amid corruption scandals.
The peace plan to end the three-year war in Ukraine, if implemented, could add to the oversupply concerns in oil markets as OPEC proceeds to boost output for market share.
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