Oil Prices Dip on Russia-Ukraine Peace Hopes

Crude oil and gasoline prices experienced a minor decline on Friday, following a week of highs. The dip came as hopes for a resolution to the Russia-Ukraine conflict grew, potentially ending sanctions and increasing global oil supplies. Despite initial price increases due to a falling dollar index and decreasing US oil rigs, the prospect of peace talks overshadowed these factors. Russian President Putins statement about Trumps proposals for ending the war boosted optimism for a conflict resolution. OPEC Plus is set to meet this Sunday, expected to maintain current output plans. Despite the recent dip, prices have underlying support from geopolitical tensions and reduced Russian exports.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.