Oil drops to one-month low amid fresh signals of movement on Russia-Ukraine peace talks
Oil prices dropped 1% due to Ukraine's possible resolution of war with Russia, potentially lifting sanctions on energy trade. This may increase supply in a market already facing a glut next year. Russia's stance has kept the market wary, with doubts about a formal agreement. Experts foresee a worsening glut in 2026, but a peace deal could boost Russia's oil production.