Crude Oil ticks up as Russia-Ukraine tensions intensify, yet bearish undertone persists
Crude Oil edges up slightly on Monday as the war between Russia and Ukraine escalated over the weekend.
The G20 meeting, starting on Monday, includes a Ukraine peace deal high on the agenda.
The US Dollar Index eases a touch on Monday after having printed a fresh one-year high at 107.07.
Crude Oil price is trading below $68.00 on Monday, ticking up slightly following the escalation in the war between Russia and Ukraine over the weekend. Russia launched a large air strike to hit Ukraine’s power grid, while US President Joe Biden’s administration allowed Kyiv to strike Russian territory with its long-range missiles.
Solutions around the Ukraine situation will be discussed in the G20 meeting starting Monday in Rio de Janeiro, Brazil. With the turn of events since Friday, several parties – even Ukrainian President Vladimir Zelensky himself – called for an end to the war in 2025. A truce or an end to the situation would mean more downturn for Crude, with Russian Oil possibly being accepted again once sanctions and embargoes are lifted under a peace deal.
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