Oil Extends Slump as Traders Assess Outlook for Deal on Ukraine

Bloomberg.com · last updated November 23, 2025 – 3:39 PM

Oil extended after the biggest weekly loss since early October, as traders weighed the prospect of a Ukraine-Russia peace deal that could increase crude flows into an already well-supplied market.

Brent traded above $62 a barrel after slumping almost 3% last week, while West Texas Intermediate was below $58. European leaders and other allies have told the US the plan needed more work to try and restrain a Trump administration looking to give concessions to Russia and impose terms by Thanksgiving.

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