MNI Oil Weekly: Oil Pressured on Russia/Ukraine Optimism

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Executive Summary: 

• Oil Pressured on Russia/Ukraine Optimism: U.S. officials have pushed a positive narrative around a Ukraine peace deal this week, a move which adds further pressure for oil. European leaders meanwhile have voiced significant discontent and poured cold water on a swift positive outcome following numerous false starts this year and Russia’s maximalist demands.
• Oil Markets: Brent crude remains under bearish pressure as Ukraine-Russia peace talks continue and with concern for oversupply rising into next year, ahead of an OPEC+ meeting this weekend. Diesel and gasoline cracks have steadied in recent days after a pull back from highs in mid-November, although tight supply concern persist.
• Analyst Views: See oil market views and outlooks from key analyst names.