Brent futures fall below $62 on Thursday

Brent crude oil futures fell below $62 per barrel on Thursday, trimming gains from the previous session, following reports that President Trump’s Ukraine peace plan proposal includes restoring Russian energy to Europe.

This eased supply concerns that had emerged after the US intercepted a sanctioned tanker near Venezuela, which prompted a pullback in shipments and heightened fears of escalating tensions.

Ukraine also struck a shadow-fleet tanker tied to Russia’s oil trade. Adding to downward pressure was a generally bearish crude backdrop, with rising output from OPEC+ and its allies expected to outpace weak demand and create a supply glut.

Fresh OPEC and IEA monthly reports due today may provide further clarity on the market balance.

Elsewhere, government data showed US crude inventories fell by 1.8 million barrels last week, while stocks at Cushing, Oklahoma, rose after four weeks of declines but remained at their lowest seasonal level since 2007.