This Friday, oil prices fell by 1.5%, extending their downturn for the third consecutive session. The United States has intensified their efforts for a peace agreement between Russia and Ukraine, which could increase global supply.

Brent futures fell by 96 cents, or 1.5%, at 62.42 dollars per barrel at 07:30 GMT, after a drop of 0.2% in the previous session. The West barrel American Texas Intermediate (WTI) lost 1.8% or 1.03 dollars, for settled at $57.97, after ending Thursday down by 0.5%.

Both contracts should record a drop of more than 2.5% this week, due to concerns related to an overabundance of supply, thus erasing the major part of the previous week's earnings. According to Saxo analysts in a note addressed to their customers, referring to the Ukrainian president Volodymyr Zelenskiy, “Oil continued to fall while Zelenskiy agreed to work on a peace plan written by the United States And Russia, American sanctions against two Russian oil majors to be applied on Friday.”