Oil prices have dipped below 66 dollars as traders closely monitor the evolving situation regarding a potential ceasefire between Russia and Ukraine. This decline in crude prices reflects growing optimism about the possibility of a resolution to the ongoing conflict, which has significantly impacted global oil markets.

As market participants weigh the implications of a ceasefire, the dynamics of supply and demand may shift. A peaceful resolution could lead to increased oil production from Russia, altering market conditions further. With international stakeholders invested in these developments, the crude oil market may experience heightened volatility in the coming days.