North Sea oil, a benchmark in Europe, closed the session on the Intercontinental Exchange trading at 21 cents above the $63.13 mark concluded on Wednesday.
European crude maintained its upward trend, though investors remained cautious about the implications of a potential agreement between Ukraine and the Russian Federation, which could lead to easing sanctions on Russia’s oil sector and an increase in global supply amid cooling demand.
Analyst Fawad Razaqzada stated in his bulletin that a more relaxed geopolitical situation and an end to the war in Ukraine could mean lower prices.
Earlier last week, Razaqzada suggested that Brent prices might drop below $60.
“Without a compelling catalyst to drive prices sustainably higher, the overall outlook for crude remains bearish. Any confirmed peace deal could potentially return more Russian barrels to a global crude system that’s already oversupplied, keeping the upward trend limited and the downside risk looming,” he said today.
