Brent Crude Nears $60: Ukraine Hopes, Weak China Data Drive Drop

• Crude oil prices are under pressure due to ongoing Ukraine talks, weak Chinese economic data, and oversupply concerns.
• Brent crude futures fell to $60.32/barrel, while US West Texas Intermediate (WTI) dropped to $56.60/barrel.
• Hopes for a Ukraine peace agreement, with the US offering NATO-style security guarantees, suggest potential sanctions relief.
• Weak Chinese factory output (15-month low) and slow retail sales growth raise concerns about global oil demand.
• US-Venezuela tensions and the seizure of an oil tanker were offset by oversupply and increased Venezuelan oil purchases by China.

Why It Matters: Falling crude oil prices signal global economic slowdown and geopolitical shifts.