Oil prices have declined after Ukrainian President Volodymyr Zelensky agreed to move forward with a U.S. peace plan, coinciding with the implementation of American sanctions against two major Russian companies in the energy sector today, Friday.
Brent crude dropped for the third consecutive session, trading near $63 a barrel, while West Texas Intermediate fell below $59, according to Bloomberg.
Futures for both oil types are heading down more than 2 percent this week due to concerns about increasing supply.
