Oil Drops on Hopes of Ukraine Talks, Trump-Putin Meeting
Brent crude fell below $75 per barrel, extending losses after U.S. President Donald Trump and Russian President Vladimir Putin agreed to discuss ending the Ukraine conflict.
Negotiations and Supply Concerns
Trump indicated that negotiations would commence promptly, with a potential meeting in Saudi Arabia in the near future. However, experts remain cautious about the timing of such discussions.
U.S. Sanctions and Market Sentiment
U.S. sanctions on Russia's oil sector have impacted Russian crude flows, contributing to earlier oil price gains. However, Trump's tariff announcements have dampened market sentiment and prices in recent weeks.
OPEC Report and Market Outlook
OPEC's monthly report highlighted improved compliance with supply cuts among some members. The International Energy Agency is expected to release an update on the market outlook, including supply and demand projections, later today.