Oil Slides on Hopes of Easing Russian Supply Concerns
Oil prices extended their decline, marking their steepest loss in over two months, amidst speculation that risks to Russian supply may abate. The development follows President Donald Trump's announcement of talks with Vladimir Putin to resolve the Ukraine conflict.
West Texas Intermediate (WTI) futures hovered around $71 a barrel, down 2.7% from the previous session, the most since late November. Brent crude closed near $75 on Wednesday.
Trump's assertion that teams would engage in immediate negotiations, with a potential meeting in Saudi Arabia, raised optimism. U.S. sanctions against Moscow's oil sector have disrupted Russian crude exports, contributing to earlier gains in global oil benchmarks.
However, market sentiment has been swayed by Trump's aggressive tariff policies, which have dampened sentiment and impacted prices in recent weeks.