⏬WTI Crude loses nearly 1%

Ukraine agrees to implement a partial ceasefire, Russia will not attack energy infrastructure 📄🖋️

Crude oil pulls back quite significantly after initial gains in the first part of the session, following news of a partial ceasefire agreement in Ukraine. Russia is said to have agreed, as part of the partial ceasefire, not to attack Ukraine's energy infrastructure. This, of course, signaled substantial progress in the talks.

In his latest statement, Zelensky indicated that a partial ceasefire is being introduced. Nevertheless, the negotiations between Ukraine and Russia, mediated by the US, currently do not concern territorial issues. The ceasefire is to apply to movement in the Black Sea and energy infrastructure. At the same time, Ukraine indicates that the movement of Russian military ships outside the eastern part of the Black Sea will be considered a violation of the partial ceasefire terms. The agreement to refrain from attacks on energy infrastructure was made for March 18 and is to remain in effect for 30 days. We are awaiting an official statement from the US.

WTI crude pulls back about 1% during the day and nearly 1.5% from the daily high. Currently, oil has already fallen below the level of $69 per barrel.

Source: xStation 5