Oil fell for a second day after President Trump and his Russian counterpart Vladimir Putin agreed to talks on ending the war in Ukraine, prompting speculation that impediments to Moscow's supplies may ease.
Global benchmark Brent dropped below $75 a barrel after falling 2.4% on Wednesday, the most in more than two months. Trump said negotiations would start immediately, and that he would probably meet with Putin in Saudi Arabia in the "not-too-distant future."
Elsewhere, the International Energy Agency again cut its projections for a global oil surplus this year, citing stronger demand growth in Asia and sanctions on OPEC+ nations.
The president's trade policies risk stoking volatility in global markets, and have the potential to create supply-demand imbalances that are not reflective of fundamentals, OPEC said in a monthly report on Wednesday. The release also showed that several members are better implementing supply curbs.
Brent for April settlement fell 1.1% to $74.33 a barrel at 9:49 a.m. in London. WTI for March delivery declined 1.2% to $70.48 a barrel.
Source: Bloomberg
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