The start of Ukraine-Russia peace talks have yanked Brent crude down from 10-year highs of around $128 on March 8 to $108 as of Friday.
But there is a risk premium of at least $18 still embedded in crude prices, which will evaporate only with a rapprochement and ceasefire in the Ukraine war.
In this report, we assess the net impact of the bullish and bearish forces on crude in the very near term and the next couple of months.
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