English
Oil prices fell sharply on Wednesday,
following news of a US proposal to end the war between Russia and Ukraine, while concerns about oversupply continued to weigh on prices.
Brent crude futures fell $1.81, or 2.8%, to $63.08 a barrel, after rising 1.1% in the previous session.
US West Texas Intermediate crude futures fell $1.74, or 2.86%, to $59 a barrel, after rising 1.4% on Tuesday.
Prices continued to decline today after news emerged of renewed efforts to end the war in Ukraine.
Ukrainian President Volodymyr Zelensky is scheduled to hold talks in Turkey today and meet with US military officials in Kyiv on Thursday in a renewed attempt to revive peace negotiations with Russia.
Ole Hansen, head of commodity strategy at Saxo Bank, said that if the peace talks are successful, it would reduce supply risks, which would allow the market to focus on current supply and demand dynamics, which indicate a surplus in supply.
