Crude oil and gasoline prices plummet to 4.75-year lows amid concerns about global energy demand and potential oil glut. Decline in S&P 500 dampens economic optimism. Ceasefire talks in Ukraine could lift Russian energy export sanctions. Weaker global economic data signals reduced energy demand, with US and Eurozone PMI figures falling below expectations. Ukrainian attacks on Russian refineries limit crude export capabilities, while OPEC+ plans to pause production increases in Q1-2026 due to emerging oil surplus. US crude oil inventories below seasonal averages. US oil rig count rises slightly.

Read more at Yahoo Finance: Crude Prices Tumble on Global Oil Glut Fears and Peace Talks in Ukraine