WTI crude oil futures fell by around 1% to $70.5 per barrel on Thursday, nearing a seven-week low, driven by optimism that peace talks between Russia and Ukraine, encouraged by President Trump, could lead to the easing of sanctions on Russian oil exports.
Trump confirmed that talks would begin immediately and hinted at a possible meeting with Putin in Saudi Arabia, fueling speculation that the disruption to Moscow's oil supply could end.
Meanwhile, concerns over Trump's threat of imposing new reciprocal tariffs on US trade partners added to market anxiety, potentially reducing economic growth and oil demand. Also, the latest EIA data showed a larger-than-expected rise in US crude inventories, up by 4.1 million barrels.
On the positive side, the IEA lowered its global oil surplus projections, highlighting strong demand in Asia and sanctions on OPEC+ nations.
Source: Trading Economics
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