Oil prices fall on Russia-Ukraine ceasefire hopes, increased supplies — Pajhwok

KABUL (Pajhwok): Crude oil prices fell in global markets on Monday amid expectations of increased Russian supplies after US President Donald Trump said Russia and Ukraine had agreed to halt attacks on each other’s energy facilities. Reuters reported that Brent crude futures fell by $1.54, or 1.47 per cent, to $103.18 a barrel by 0154 GMT. US West Texas Intermediate (WTI) crude also dropped by $1.54, or 1.68 per cent, to $90.31 a barrel. ICE gasoil futures fell by 3 per cent to $1,436 a barrel after Trump said on Friday that Russia would immediately supply more than 300,000 metric tonnes of diesel, equivalent to about 2.25 million barrels, to US and global markets. Trump added that Russia would supply another 500,000 metric tonnes in November and a further one million metric tonnes immediately afterwards. Global daily diesel consumption is forecast to reach nearly 29 million barrels, according to the International Energy Agency (IEA). Trump also unexpectedly announced on Sunday that Russia and Ukraine had agreed to an energy ceasefire. However, Ukrainian President Volodymyr Zelenskyy said he was still waiting for details of the agreement, while Russia had not commented. The announcements eased some immediate concerns over supplies, Tim Waterer, chief analyst at KCM Trade, said. “Questions remain over the validity and longevity of any such ceasefire, and without clearer…