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Brent crude futures for December delivery declined 1.65% to $102.99 a barrel on Monday, while U.S. West Texas Intermediate futures for November dropped 1.92% to $90.09 per barrel.
The price movement followed President Donald Trump's announcement that Russia and Ukraine would cease targeting each other's energy infrastructure, a development that raised expectations for improved global supply.
In a social media statement, Trump declared that an energy ceasefire is in effect immediately, stating that both parties have agreed to the terms and must not break it.
Ukrainian President Volodymyr Zelenskyy responded on social media, stating that Ukraine supports the ceasefire and emphasizing the importance of Russian adherence.
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