00:00Oil prices just took another hit, and here's why that could shake the global market.
00:04Talks of a possible peace deal between Russia and Ukraine are gaining ground.
00:08That's sparking hope. And tension.
00:11Why? Because if a deal is struck, U.S. sanctions on Russian oil might be lifted.
00:15And that could flood the market with even more oil.
00:18Brent crude dropped to just over $60 a barrel.
00:21West Texas Intermediate also slid, both losing around 0.6%.
00:26Analysts say the market's reacting fast to even the hint of peace.
00:30But wait, there's more pressure coming from the East.
00:33China's economy is slowing down again. Factory output is crawling.
00:37Retail sales are at their weakest since the COVID era.
00:40That means China, the world's biggest oil buyer, may not need as much oil anymore.
00:45Add in more oil from Venezuela, and a global oversupply is suddenly looking very real.
00:50With peace talks rising and demand weakening.
00:53The oil market is now caught in a high-stakes balancing act.
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