Oil prices held steady in Asian trading on Monday after weekly losses, as concerns over Russian supply receded following last week’s meeting between U.S. President Donald Trump and Russian President Vladimir Putin.
As of 00:15 ET (04:15 GMT), Brent Oil Futures expiring in October was largely unchanged at $65.84 per barrel, while West Texas Intermediate (WTI) crude futures edged 0.1% higher to $62.87 per barrel.
Both contracts fell nearly 1.5% on Friday, and ended with sharp weekly losses before the U.S.-Russia meeting concluded.
Oil weakens as Trump signals softer stance with Putin
At last week’s summit in Alaska, Trump signaled alignment with Moscow in seeking a full peace agreement in Ukraine instead of pursuing a ceasefire first.
The development dampened expectations of fresh energy sanctions and eased fears of tightening Russian oil flows.
Earlier, Trump had said that a ceasefire would be his “key demand,” even threatening to walk out of talks and impose tougher measures on Moscow. That rhetoric had heightened worries of constrained supply.
"While talks failed to secure a ceasefire, the tone and the absence of ’severe consequences’ for the lack of a truce, reduce, or at least delay, the risks of stricter sanctions," ING analysts said in a note.
Additionally, Trump said on Friday he was in no rush to impose tariffs on countries such as China for buying Russian oil but warned he could act within weeks if no progress is made on ending the Ukraine war.
China and India remain the top buyers of Russian crude. Trump has imposed an additional 25% duty on Indian goods, effective August 27, citing its purchase of Russian oil.
Trump to meet Zelenskiy, European leaders later Monday
Now, Trump is scheduled to meet Ukrainian President Volodymyr Zelenskiy and top European leaders in Washington on Monday, aiming for a swift peace deal to end the Ukraine conflict.
The united front of European leaders seeks to block any outcomes that would undermine Ukraine’s territorial integrity, further unsettling markets watching the geopolitical balance.
Trump on Sunday vowed “BIG PROGRESS ON RUSSIA” in a social media post, without providing specifics.
"Ultimately, Russia still wants Ukraine to cede territory, something Ukraine will be very hesitant to do, particularly without very strong security guarantees from the US and Europe," ING analysts said.
"Ultimately, the reduced risk of tougher sanctions and secondary tariffs should allow bearish oil fundamentals to become the dominant driver for oil prices moving forward," they added.
Source :
https://www.investing.com/news/commodities-news/oil-prices-fall-as-trumpputin-meet-eases-russian-supply-concerns-4196582
