Ice Brent crude futures declined further in early Asian trading today as US president Donald Trump's administration has revived its flagging effort to stop Russia's war in Ukraine.
At 04:00 GMT, the Ice front-month January Brent contract was at $62.56/bl, down by 82¢/bl from its settlement on 20 November when the contract ended 13¢/bl lower.
The Nymex new front-month January crude contract was at $58.15/bl, down by 85¢/bl from its settlement on 20 November when the contract ended 25¢/bl lower.
Trump's special envoy Steve Witkoff and secretary of state Marco Rubio "have been working on a plan, quietly for about the last month, and they have been engaging with both sides," the White House said on 20 November. "It's a good plan for both Russia and Ukraine, and we believe that it should be acceptable to both sides, and we're working very hard to get it done," the White House said.
The office of Ukrainian president Volodymyr Zelenskiy confirmed having received a peace proposal but released no further details. The Kremlin has also been mum, other than saying that "there is nothing new to add to the US-Russia dialogue on Ukraine beyond what was discussed in Anchorage", Alaska.
Meanwhile, US blocking sanctions on Rosneft and Lukoil — Russia's largest crude producers, and key suppliers to India — come into effect on 21 November.
India's Reliance has halted Russian crude imports at the export-oriented section of its 1.4mn b/d Jamnagar refinery to comply with new EU sanctions taking effect next year. The Special Economic Zone segment stopped taking Russian crude on 20 November, and from 1 December its products will be derived entirely from non-Russian grades, Reliance said.
Separately, the US Treasury Department on 20 November imposed sanctions on 10 tankers accused of transporting Iranian crude and on companies in the UAE, Panama and Singapore accused of facilitating such trade.
Ice Brent crude futures declined further in early Asian trading today as US president Donald Trump's administration has revived its flagging effort to stop Russia's war in Ukraine.
At 04:00 GMT, the Ice front-month January Brent contract was at $62.56/bl, down by 82¢/bl from its settlement on 20 November when the contract ended 13¢/bl lower.
The Nymex new front-month January crude contract was at $58.15/bl, down by 85¢/bl from its settlement on 20 November when the contract ended 25¢/bl lower.
Trump's special envoy Steve Witkoff and secretary of state Marco Rubio "have been working on a plan, quietly for about the last month, and they have been engaging with both sides," the White House said on 20 November. "It's a good plan for both Russia and Ukraine, and we believe that it should be acceptable to both sides, and we're working very hard to get it done," the White House said.
The office of Ukrainian president Volodymyr Zelenskiy confirmed having received a peace proposal but released no further details. The Kremlin has also been mum, other than saying that "there is nothing new to add to the US-Russia dialogue on Ukraine beyond what was discussed in Anchorage", Alaska.
Meanwhile, US blocking sanctions on Rosneft and Lukoil — Russia's largest crude producers, and key suppliers to India — come into effect on 21 November.
India's Reliance has halted Russian crude imports at the export-oriented section of its 1.4mn b/d Jamnagar refinery to comply with new EU sanctions taking effect next year. The Special Economic Zone segment stopped taking Russian crude on 20 November, and from 1 December its products will be derived entirely from non-Russian grades, Reliance said.
Separately, the US Treasury Department on 20 November imposed sanctions on 10 tankers accused of transporting Iranian crude and on companies in the UAE, Panama and Singapore accused of facilitating such trade.
By Fabian Ng