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(Seoul=Yonhap Infomax) Sung Jin Kim—New York crude prices fell for a third consecutive session as the US intensified efforts to broker an end to the war in Ukraine, sending West Texas Intermediate (WTI) futures to their lowest level in a month and further distancing prices from the $60 per barrel mark.
On November 21 (Eastern Time), January WTI futures settled at $58.06 per barrel on the New York Mercantile Exchange, down $0.94, or 1.59%, from the previous session. This marks the lowest closing price since October 21.
WTI briefly plunged as much as 2.8% during intraday trading, touching the mid-$57 range, before paring losses late in the session.
US President Donald Trump set a November 27 deadline for a peace agreement between Russia and Ukraine, stating in a Fox News Radio interview, "I've set a lot of final deadlines, and sometimes, if things go well, we extend them. But this time, we believe Thursday (November 27) is the appropriate point."
The Trump administration's draft "28-point peace plan" reportedly includes recognition of the Luhansk and Donetsk regions, as well as Crimea, as Russian territory. However, it remains uncertain whether Ukraine will accept these terms.
Ukrainian President Volodymyr Zelensky said in a video posted on Telegram that Ukraine is facing "one of the most difficult moments in its history" and pledged not to betray the country during negotiations.
Analysts at Saxo Bank noted in a report that while sanctions are scheduled to take effect against major Russian oil producers Rosneft and Lukoil, oil prices declined as the US pressured Ukraine to accept the draft peace proposal.
US sanctions on companies dealing with Rosneft and Lukoil took effect on the same day. Additionally, Lukoil must divest its large overseas portfolio by December 13.
sjkim@yna.co.kr
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