Oil Ends Week Lower As Market Frets About Oversupply

The MOEX Russia Index closed down 0.61%, reflecting a negative sentiment in the Russian stock market as trading ended. This decline follows a recent trend of fluctuating performance, with the index experiencing a drop of 1.75% in the previous session, indicating ongoing market volatility.

The European Union has agreed to indefinitely freeze Russian assets, a decision aimed at facilitating a loan to Ukraine amidst its ongoing financial crisis. This move addresses the urgent need for financial support as Ukraine faces a projected cash shortfall of approximately €135.7 billion over the next two years due to the ongoing conflict with Russia.

Russia's Central Bank has filed a lawsuit in Moscow against Euroclear, the depository holding frozen Russian assets, as a warning to European officials who are considering using these assets to finance a loan for Ukraine. This legal action underscores the tensions surrounding the financial strategies being employed in response to the ongoing conflict in Ukraine.

The European Union has endorsed an indefinite freeze on Russian assets, a decision made in light of Ukraine's urgent financial needs as it faces a cash shortfall of approximately €135.7 billion over the next two years due to ongoing conflict. This move aims to bolster Ukraine's economy amidst the prolonged war with Russia.

Russia's monthly oil and gas revenue is projected to reach its lowest level since August 2020, reflecting significant economic challenges amid ongoing geopolitical tensions. This decline is attributed to various factors, including fluctuating global oil prices and the impact of sanctions.

Russia has initiated legal proceedings against Euroclear, challenging the freezing of its assets, which is part of a broader strategy by the European Union to utilize these funds to support Ukraine with a €90 billion loan. This lawsuit marks a significant escalation in tensions between Russia and the EU amid ongoing geopolitical conflicts.

Russia's Deputy Prime Minister Novak announced an increase in oil production for November, reflecting the country's ongoing efforts to boost its energy output amid fluctuating global market conditions.

Broadcom's shares fell after the company's sales outlook for the AI market did not meet investor expectations, despite previously reporting strong earnings and a revenue forecast of $19.1 billion for the upcoming fiscal first quarter. President Trump announced the US's willingness to assist Ukraine's security as part of a peace plan.