Ice Brent crude futures fell slightly in early Asian trading hours as market participants watch closely for any progress on a peace deal between Russia and Ukraine.
At 04:00 GMT, the Ice front-month February Brent contract was at $59.67/bl, down by 15¢/bl from its settlement on 18 December, when the contract ended 14¢/bl higher.
The Nymex front-month January crude contract was at $56/bl, lower by 15¢/bl from its settlement on 18 December, when the contract ended 21¢/bl higher.
US president Donald Trump is again suggesting that his effort to end the conflict between Russia and Ukraine is bearing fruit, but public comments from Kyiv and Moscow suggest the two sides remain far apart on key issues.
"They're getting close to something, but I hope Ukraine moves quickly," Trump told reporters on 18 December. "I hope Ukraine moves quickly because Russia is there, and, you know, every time they take too much time, Russia changes its mind."
Oil markets are following Trump's Russia-Ukraine diplomacy closely. Any deal to end the war could affect US sanctions on Russia's energy sector.
Even if a peace deal is not in the making soon, the US' continued push for a deal raises questions about the durability of recent US sanctions on Russia and could lead some market participants to reconsider their reluctance to buy Russian crude.
The US this week declined to join new UK and EU sanctions that targeted Russia's shadow fleet vessels and traders engaged in selling Russian oil.
The US Treasury Department on 18 December imposed sanctions on 29 tankers accused of transporting Iranian-origin crude and refined products to customers in Asia.
The UK has also expanded its Russian sanction list by adding 24 entities and individuals list, including oil producers Tatneft and Russneft.
Tatneft, one of Russia's five largest oil companies, operates the 341,000 b/d Taneko refinery at Nizhnekamsk and supplies 200,000–400,000 t/month of crude to Hungarian refiner Mol via the Druzhba pipeline network. Russneft is a medium-sized crude producer, with Siberian Light exports to India among its activities.
Other companies added to the list include trading firms Tejarinaft, Saphira Energy and Amur.
Elsewhere, South Sudan's production and exports of Nile Blend crude remain off line, more than a week after clashes in neighbouring Sudan forced the Heglig oil transport hub to shut down, a South Sudanese oil official told Argus. The hub handles 60,000 b/d of crude from South Sudan and about 15,000 b/d from Sudan before piping it to the Bashayer export terminal on the Red Sea.
Ice Brent crude futures fell slightly in early Asian trading hours as market participants watch closely for any progress on a peace deal between Russia and Ukraine.
At 04:00 GMT, the Ice front-month February Brent contract was at $59.67/bl, down by 15¢/bl from its settlement on 18 December, when the contract ended 14¢/bl higher.
The Nymex front-month January crude contract was at $56/bl, lower by 15¢/bl from its settlement on 18 December, when the contract ended 21¢/bl higher.
US president Donald Trump is again suggesting that his effort to end the conflict between Russia and Ukraine is bearing fruit, but public comments from Kyiv and Moscow suggest the two sides remain far apart on key issues.
"They're getting close to something, but I hope Ukraine moves quickly," Trump told reporters on 18 December. "I hope Ukraine moves quickly because Russia is there, and, you know, every time they take too much time, Russia changes its mind."
Oil markets are following Trump's Russia-Ukraine diplomacy closely. Any deal to end the war could affect US sanctions on Russia's energy sector.
Even if a peace deal is not in the making soon, the US' continued push for a deal raises questions about the durability of recent US sanctions on Russia and could lead some market participants to reconsider their reluctance to buy Russian crude.
The US this week declined to join new UK and EU sanctions that targeted Russia's shadow fleet vessels and traders engaged in selling Russian oil.
The US Treasury Department on 18 December imposed sanctions on 29 tankers accused of transporting Iranian-origin crude and refined products to customers in Asia.
The UK has also expanded its Russian sanction list by adding 24 entities and individuals list, including oil producers Tatneft and Russneft.
Tatneft, one of Russia's five largest oil companies, operates the 341,000 b/d Taneko refinery at Nizhnekamsk and supplies 200,000–400,000 t/month of crude to Hungarian refiner Mol via the Druzhba pipeline network. Russneft is a medium-sized crude producer, with Siberian Light exports to India among its activities.
Other companies added to the list include trading firms Tejarinaft, Saphira Energy and Amur.
Elsewhere, South Sudan's production and exports of Nile Blend crude remain off line, more than a week after clashes in neighbouring Sudan forced the Heglig oil transport hub to shut down, a South Sudanese oil official told Argus. The hub handles 60,000 b/d of crude from South Sudan and about 15,000 b/d from Sudan before piping it to the Bashayer export terminal on the Red Sea.
By YouLiang Chay