Oil Holds Loss as Traders Weigh Next Steps on Russia-Ukraine War

US Defense Secretary Pete Hegseth has defended the legality of recent US military strikes on boats suspected of drug smuggling in the Caribbean, amidst growing backlash regarding these actions. The invocation of the 'fog of war' suggests complexities in military engagement and the challenges of distinguishing between legitimate targets and civilian vessels.

Oil prices have eased amid ongoing uncertainty surrounding the peace negotiations between Russia and Ukraine, raising concerns about potential oversupply in the market. The recent trading sessions have been marked by volatility as traders closely monitor developments in the conflict, which significantly impacts global oil supply dynamics.

More shipments of US soybeans to China are expected to occur through mid-December, reflecting a positive trend in agricultural trade between the two nations. This increase is significant as it indicates a strengthening of trade relations and a response to demand in the Chinese market.

Medline Inc. is preparing to initiate formal marketing for its initial public offering (IPO) valued at $5 billion as early as Monday, positioning itself for what is anticipated to be the largest US listing of the year.

US oil futures remained unchanged following an unexpected draw in crude stocks reported by the American Petroleum Institute (API). This development indicates a potential tightening of supply, which could influence market dynamics in the near term.

The US government has awarded $800 million to the Tennessee Valley Authority (TVA) and Holtec to facilitate the construction of small nuclear reactors. This initiative is part of the Trump administration's strategy to accelerate the deployment of nuclear technology in response to increasing energy demands.

Oil futures declined as White House envoys Witkoff and Kushner arrived in Moscow to negotiate a peace deal with President Putin aimed at resolving the ongoing conflict in Ukraine. This development reflects the market's sensitivity to geopolitical tensions and the potential for changes in oil supply dynamics.

Russian President Vladimir Putin has announced plans to elevate cooperation with China and India, focusing on technological advancements and strategic partnerships. This initiative aims to strengthen ties with both nations amidst shifting global dynamics.