The settlement of the conflict in Ukraine may lead to lower prices for Brent crude oil, as well as an increase in resource extraction. This was reported on February 17 by The Wall Street Journal newspaper, citing Bank of America analysts.

"We believe that Brent crude oil prices may fall by $5-10 per barrel if Russian oil does not have to be transported via a difficult route to India or China, and supplies become more affordable," the material says.

According to the publication, the difference between the price and the cost of global oil refining may also decrease.

Nevertheless, price risks remain, as the United States may strengthen sanctions against Russia if negotiations on Ukraine "reach an impasse."

Earlier, on February 14, American leader Donald Trump announced during a meeting with Indian Prime Minister Narendra Modi at the White House that the United States intends to take the first place among oil and gas suppliers to India. According to him, they managed to reach an agreement in the field of energy. The US president added that during the conversation he had agreed with the Indian Prime Minister that the states would engage in joint mining and processing of critical minerals.