PERTH — Oil prices fell for a third consecutive session on Friday as U.S.-led efforts for a Russia-Ukraine peace deal raised expectations of increased global oil supplies. Brent crude dropped 71 cents, or 1.12%, to $62.67 a barrel, while U.S. West Texas Intermediate crude fell 71 cents, or 1.20%, to $58.29 a barrel.
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Both contracts are on track to lose more than 2% this week amid concerns over oversupply. Market sentiment turned bearish as Washington advanced a peace plan to end the three-year conflict, which could reduce the geopolitical risk premium embedded in oil prices.
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Analysts noted that uncertainty around U.S. interest rate cuts also curbed investor appetite for risk. A stronger dollar further pressured crude, making it more expensive for holders of other currencies.
Oil markets remain cautious, balancing potential geopolitical developments against ongoing economic signals from major economies, with traders monitoring both peace negotiations and monetary policy trends.
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