Oil Extends Losses on Ukraine Talks Hopes, Trump-Putin Meeting
Oil prices plunged on Thursday after US President Donald Trump and Russian President Vladimir Putin agreed to discuss ending the conflict in Ukraine. The news sparked speculation that risks to Russian supply may dissipate, leading to a sell-off in crude futures.
Key Points:
* Brent crude: Fell below $75 per barrel, down 2.4% from Wednesday's close
* West Texas Intermediate: Traded near $71 per barrel
* Trump-Putin meeting: Planned for "not-to-distant future" in Saudi Arabia
* UBS investment officer: Skeptical about imminent negotiations
* US sanctions: Disrupted Russian crude flows, initially boosting oil prices
* Trump's tariffs: Weighed on sentiment and prices in recent weeks
* OPEC report: Highlighted supply curbs by member countries
* IEA report: Due Thursday, providing supply and demand outlook
The International Energy Agency (IEA) is scheduled to release its latest market report later today, which will provide further insights into supply and demand dynamics.