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WTI slips below $58 as peace talk hopes shift market sentiment
21-Nov-2025 12:56
WTI crude futures slid below $58 per barrel on Friday, marking a third consecutive session of losses after Ukrainian President Volodymyr Zelenskiy signaled openness to peace talks. With the US'Russia-drafted blueprint reportedly involving territorial concessions and potential sanctions relief, traders grew wary of a possible rise in Russian oil exports'raising fresh concerns of oversupply. This comes even as new US sanctions on two major Russian oil firms take effect today, adding further volatility to the outlook. On the domestic front, MCX December crude futures fell nearly 2% to ₹5,162 per barrel, mirroring global weakness. Meanwhile, India's crude oil imports surged nearly 9% month-on-month in October to 20.28 million tons, their highest since April, and rose 3.7% year-on-year, underscoring strong domestic demand despite softening global prices.

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