Market players feel that a peace deal between Russia and Ukraine could increase crude oil supplies to the global market.
Crude oil futures traded lower on Friday morning after reports that Ukrainian President Volodymyr Zelenskiy expressed willingness to participate in peace talks with Russia.
At 9.58 am on Friday, January Brent oil futures were at $62.50, down by 1.39 per cent, and January crude oil futures on WTI (West Texas Intermediate) were at $58.08, down by 1.56 per cent. December crude oil futures were trading at ₹5,169 on Multi Commodity Exchange (MCX) during the initial hour of trading on Friday against the previous close of ₹5,263, down by 1.79 per cent, and January futures were trading at ₹5,170 against the previous close of ₹5,253, down by 1.58 per cent.
A Reuters report said that Zelenskiy was ready for ‘honest’ work with the US on a plan to end the war in Ukraine. According to the US-backed plan, which was seen by Reuters, Ukraine would be required to give up the entire Donbas region and significantly downsize its military, conditions long seen by Ukraine’s allies as tantamount to capitulation.
The report said the plan makes several concessions to Russia, including that Crimea, Luhansk and Donetsk will be recognised as de facto Russian by the US and that Ukrainian forces will withdraw from part of the Donetsk region that they control.
Quoting a senior US official, the report said: “This plan was drawn up immediately following discussions with one of the most senior members of President Zelenskiy’s administration, Rustem Umerov, who agreed to the majority of the plan, after making several modifications, and presented it to President Zelenskiy.”
Quoting Zelenskiy’s Telegram post, the report said: “Our teams – Ukraine and the USA – will work on the points of the plan to end the war. We are ready for constructive, honest and prompt work.”
Market players feel that a peace deal between Russia and Ukraine could increase crude oil supplies to the global market. Meanwhile, US sanctions on Russian oil companies Rosneft and Lukoil came into effect on November 21.
November natural gas futures were trading at ₹397.60 on MCX during the initial hour of trading on Friday against the previous close of ₹399.60, down by 0.50 per cent.
On the National Commodities and Derivatives Exchange (NCDEX), December dhaniya contracts were trading at ₹8,888 in the initial hour of trading on Friday against the previous close of ₹8,844, up by 0.50 per cent.
December turmeric (farmer polished) futures were trading at ₹14,320 on NCDEX in the initial hour of trading on Friday against the previous close of ₹14,384, down by 0.44 per cent.
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Published on November 21, 2025