Photo: yahoo.com
Oil prices fell to a one-month low on Monday amid expectations of an oversupply in the market and the possibility of a peace agreement between Russia and Ukraine.
On the morning of Wednesday, November 26, prices showed a slight rebound after the decline, Reuters reports. Brent futures rose 0.43% to $62.75 per barrel, while U.S. West Texas Intermediate (WTI) contracts increased 0.41% to $58.19 per barrel.
“Minor gains look more like a technical pause than a trend. Any rises we see today or in the future are largely driven by weaker signals on inventories and short-covering, but these spikes will be brief and unsustainable,” said Priyanka Sachdeva, senior market analyst at Phillip Nova.
The market still leans downward as investors increasingly price in an oversupply in 2026 and see insufficient demand factors to offset the pressure.
Brent and WTI fell 89 cents after Ukrainian President Volodymyr Zelensky informed European leaders of his willingness to advance the U.S.-backed initiative to end the war with Russia, with only a few contentious points remaining to be resolved.
U.S. President Donald Trump, meanwhile, said on Tuesday that he is no longer tied to his previously stated deadline for a peace agreement on Ukraine. He added that U.S. negotiators are making progress with Russia and Ukraine, and that Moscow has agreed to certain concessions, although he provided no further details.
