Jakarta, hitclubapk3 Indonesia
—
Oil prices
strengthened again on Thursday (20/11), after falling almost 2 percent in the previous session, in the middle of the assessment
market
to the latest proposals
United States
(US) to end the war in Ukraine.
Apart from that, the approaching deadline for stopping operations of two large Russian oil companies, namely Rosneft and Lukoil, has also pushed up oil prices.
Quote
Reuters
, the price of Brent crude oil futures rose 21 cents or 0.33 percent to US$63.72 per barrel.Meanwhile, West Texas Intermediate (WTI) rose 24 cents or 0.40 percent to US$59.68 per barrel.
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The increase came after a report said the US had signaled Ukraine to accept Washington’s framework for ending the war, which includes the release of some territory and some weapons.
These diplomatic efforts take place at the same time as US sanctions against Rosneft and Lukoil, Russia’s two largest oil producers and exporters.
The deadline to cease operations with the two companies ends on November 21, 2025.
On the other hand, Rosneft has reportedly cut its stake in the Kurdistan Pipeline Company, the main oil export pipeline operator in Iraqi Kurdistan to below 50 percent.
This step was taken to protect these oil export entities from the impact of US sanctions.
“We assess that oil prices still have bullish potential as long as they remain above the lowest level throughout the year, which is around US$55,” said IG market analyst, Tony Sycamore, in a note.
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