Oil fell the most in more than two months on speculation that risks to Russian supplies could ease after President Donald Trump said he and Vladimir Putin had agreed to hold talks to end the Ukraine war.
West Texas Intermediate crude futures were trading near $71 a barrel after dropping 2.7% in the previous session, the biggest drop since late November. Brent settled near $75 on Wednesday. Trump said their teams would begin negotiations soon, and that he might meet Putin in Saudi Arabia.
U.S. sanctions on Moscow's oil sector have disrupted Russian crude flows, which helped support a surge in global crude prices earlier this year. But the market has been dragged down by Trump's tariff attacks, which have weighed on sentiment and prices for the past three weeks.
WTI for March delivery fell 0.2% to $71.25 a barrel at 7:35 a.m. in Singapore. Brent crude for April delivery settled 2.4% lower at $75.18 a barrel on Wednesday.
Source: Bloomberg
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