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Crude oil futures end lower as Russia-Ukraine peace talks gain momentum

23 Jan 2026 Evaluate

Crude oil futures closed lower on Thursday, after U.S.-proposed peace talks to end the Russia-Ukraine war gathered renewed momentum. Ukraine’s President Volodymyr Zelenskyy met with U.S. President Donald Trump on the sidelines of the World Economic Forum in Davos, Switzerland. Following their hour-long meeting, Zelenskyy described the talks as very good, a sentiment Trump also echoed. Meanwhile, the Energy Information Administration said crude oil inventories shot up by 3.6 million barrels last week after jumping by 3.4 million barrels in the previous week. Street had expected crude oil inventories to rise by 1.1 million barrels.

Benchmark crude oil futures for March delivery declined $1.26 or 2.08% to settle at $59.36 a barrel on the New York Mercantile Exchange. Brent crude for March delivery increased $1.18 or 1.81% to settle at $64.06 a barrel on London's Intercontinental Exchange.


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