Crude oil futures experienced a decline on Tuesday morning as traders monitored developments pertaining to proposed peace negotiations between Russia and Ukraine aimed at resolving the ongoing conflict.
As of 9:57 AM on Tuesday, February Brent oil futures were priced at $62.38, reflecting a decrease of 0.18 percent, while January crude oil futures for West Texas Intermediate (WTI) stood at $58.74, down by 0.24 percent.
On the Multi Commodity Exchange (MCX), December crude oil futures traded at ₹5305 during the initial trading hour, compared to a previous close of ₹5334, marking a decline of 0.54 percent. January futures were at ₹5310 against a previous close of ₹5330, showing a decrease of 0.38 percent.
On Monday, Ukrainian President Volodymyr Zelenskiy conferred with British Prime Minister Keir Starmer, French President Emmanuel Macron, and German Chancellor Friedrich Merz in London to discuss the U.S.-proposed peace plan involving Russia. Zelenskiy informed reporters after the meeting that the revised proposal encompassed 20 points, although no consensus was reached regarding the matter of territorial concessions sought by Russia.
Warren Patterson, Head of Commodities Strategy at ING Think, along with Ewa Manthey, Commodities Strategist at ING Think, noted in their recent analysis that developments concerning the Russia-Ukraine peace talks will be crucial to monitor as we approach 2026. They indicated that any advancements toward concluding the conflict could exert additional pressure on energy markets. “For 2026, we maintain a bearish outlook on energy markets, with a global oil market projected to face a substantial surplus as OPEC+ escalates output and shifts its policy, alongside modest demand growth,” they stated. They further remarked on the current uncertainties surrounding Russian oil supply amid U.S. sanctions but suggested that the medium to long-term impacts might be limited.
Additionally, Iraq’s initiative to restore production at Lukoil’s West Qurna 2 oilfield has also contributed to the downward pressure on oil prices. A Reuters report, citing two unnamed Iraqi energy officials, disclosed that Iraq has reinstated production at the West Qurna 2 oilfield—a major facility that accounts for about 0.5 percent of global oil supply and 9 percent of Iraq’s total output—following a disruption caused by a pipeline leak.
In related trading, December natural gas futures were reported at ₹438 on the MCX during the initial hour, down 2.43 percent from the previous close of ₹448.90. On the National Commodities and Derivatives Exchange (NCDEX), December jeera contracts were priced at ₹20870, showing an increase of 0.29 percent from the previous close of ₹20810, whereas December dhaniya futures traded at ₹10480, down 1.49 percent from the previous close of ₹10638.
Published on December 9, 2025.
