Petrol Prices are Rising: Hope for a Ceasefire in Ukraine

Petrol Prices Continue to Rise

As investors evaluate the possibility of a ceasefire in Ukraine and the global supply surplus, oil prices have shown a significant increase over the last two days. Brent crude rose by 0.9% in previous sessions, climbing above $63 per barrel. Meanwhile, U.S. crude oil continues to trade around $60.

Ceasefire Talks Take Center Stage

The participation of Ukrainian negotiators in the new round of talks scheduled to take place in Florida is being closely watched by the markets. However, Russian President Vladimir Putin stated that some elements of the U.S.-backed peace plan are unacceptable to him.

Markets Focus on Agreement

Any agreement could lead to the lifting of sanctions on Russia and consequently more oil exports, leaving uncertainty in the markets.

Supply Surplus Affects Global Prices

The global oil supply surplus continues to put pressure on prices. Saudi Aramco announced that it will lower the price of Arab Light crude oil to its lowest level since 2021. Additionally, Canadian oil has experienced significant losses in value.