Foreign media: Oil prices fell to a five-year low due to ample supply and progress in Russia-Ukraine negotiations.
On December 16, the Brent crude oil futures settlement price fell by 2.71% to $58.92 per barrel, while the U.S. West Texas Intermediate crude oil futures dropped by 2.73% to $55.27 per barrel, both reaching their lowest levels since February 2021.
Progress in peace talks between Russia and Ukraine has led market expectations that sanctions may be eased, potentially increasing Russian oil supply and further exacerbating oversupply.
Additionally, Chinese economic data has increased concerns about insufficient global oil demand.
Original: toutiao.com/article/1851732981048332/
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