Oil prices were little changed on Monday after an early decline as the United States did not put further pressure on Russia to end the war in Ukraine through measures against oil exports, Reuters reports, reports News.bg.
Brent crude futures fell 6 cents, or 0.09%, to $65.79 a barrel, while U.S. West Texas Intermediate crude was trading at $62.82 a barrel, up 2 cents, or 0.03%.
U.S. President Donald Trump met with his Russian counterpart Vladimir Putin in Alaska on Friday and appeared more in agreement with Moscow about seeking a peace agreement rather than a ceasefire first. Trump will meet Ukrainian President Volodymyr Zelensky and European leaders today to discuss options for a quick peace deal.
On Friday, Trump said he did not plan to immediately impose retaliatory tariffs on countries such as China for buying Russian oil, allaying concerns about a disruption in Russian supplies.
„The failure was largely a foregone conclusion. The market remains on the lookout for more Russian barrels to arrive in the global crude oil hub if hostilities in Ukraine end,” said independent energy analyst Gaurav Sharma.
China, the world’s largest oil importer, is also the largest buyer of Russian oil, followed by India. Analyst Helima Croft noted: “The main thing that was there was the secondary tariffs targeting key importers of Russian energy, and President Trump has indicated that he will stop the incremental action on that front, at least for China. The status quo remains largely unchanged.”
Meanwhile, investors are watching for guidance from Federal Reserve Chairman Jerome Powell on the path to cutting interest rates, which could send stocks to new records.