Oil Prices Decline after Trump-Putin Talks
Oil prices declined as signals emerged from Friday’s meeting between US President Donald Trump and Russian President Vladimir Putin, with doubts over progress toward peace in Ukraine pressuring markets.
Brent crude fell 0.03% to $65.75 a barrel, down from $65.77 at Thursday’s close. The US benchmark West Texas Intermediate (WTI) decreased 0.03% to $62.30 per barrel, compared to $62.32 in the previous session.
Speaking at a press conference after the meeting, Trump said significant progress had been made, but no final agreement was reached.
Putin expressed hope that the understanding reached with Trump would pave the way toward the goal of ensuring peace in Ukraine. Trump is scheduled to meet Ukrainian President Volodymyr Zelensky in Washington later today.
Analysts said markets largely expect the talks to yield no concrete outcome, but if progress is achieved, the potential for more Russian oil supply could put downward pressure on prices. On secondary sanctions targeting major importers of Russian oil, Trump is reportedly not planning to take steps for now, particularly toward China.
Investors are also monitoring signals from Federal Reserve Chair Jerome Powell’s remarks on interest rate cuts at the Jackson Hole Economic Policy Symposium in the US on Thursday. #Oil Prices Decline after Trump-Putin Talks Oando Slips, Trades at 47% Discount to 52-Week High
