Oil prices slipped in Asian trading on Tuesday as investors assessed U.S.-Ukraine talks for clues on Russian oil supply outlook, with focus now turning to a possible meeting between the Ukrainian leader and Russian President Vladimir Putin.
As of 22:29 ET (02:29 GMT), Brent Oil Futures expiring in October fell 0.5% to $66.27 per barrel, while West Texas Intermediate (WTI) crude futures also declined 0.5% to $62.36 per barrel.
Both contracts rose nearly 1% on Monday after U.S. Trade Adviser Peter Navarro criticized India's purchases of discounted Russian crude as funding the war, renewing supply flow worries.
Trump-Zelenskiy meeting in focus
President Donald Trump hosted Ukrainian President Volodymyr Zelenskiy at the White House on Monday, joined by leaders from major European nations, in a high-stakes summit aimed at forging pathways toward ending Russia's war in Ukraine.
In his public remarks, Trump pledged that the U.S. would help guarantee Ukraine's security as part of any peace settlement, although he did not specify the form or scope of such assurances.
Zelenskiy welcomed the announcement as "a major step forward."
"There was no critical breakthrough. It appears the next step is a meeting between Zelensky and Putin, possibly within two weeks," ING analysts said in a note.
Trump says Putin, Zelenskiy to meet
Trump said he had begun arranging a meeting between Ukraine's Volodymyr Zelenskiy and Russia's Vladimir Putin and floated a subsequent three-way discussion, keeping alive hopes for a pathway to negotiations.
European leaders in Washington urged a ceasefire first, while Trump signalled support for Europe-led security guarantees for Kyiv.
"Betting markets aren't overly convinced that we'll see a ceasefire before the end of the year. Polymarkets is showing a 38% chance of a ceasefire, well below the peak of 78% seen in March," ING analysts said.
"The modest price action in the oil market this morning appears to fit with this view," they added.
Meanwhile, markets are also worried about 25% additional U.S. tariffs imposed on India for its purchase of Russian oil, set to take effect on August 27.
Source: Investing.com
Oil prices were little changed in Asian trading on Thursday after US President Donald Trump backed down from a threat to impose tariffs on European countries over Greenland. This decision helped ease ...
Oil prices rose on Tuesday, supported by a combination of supply disruptions from Kazakhstan, improved global economic growth projections, and a weakening US dollar, making dollar-denominated oil chea...
Oil traded in a tight range on Thursday after two straight sessions of losses, as markets digested a sharper US push to shape Venezuela's crude flows—alongside fresh tanker seizures tied to sanctions....
Oil prices edged higher as the market digested the United States' latest moves regarding Venezuela. WTI held steady at US$56/barrel after a sharp drop, while Brent remained below US$60/barrel. This s...
Brent crude prices sank in volatile trading on Wednesday after U.S. President Donald Trump said Venezuela will supply tens of millions of barrels of oil to Washington. Oil prices were nursing losses ...
Gold prices briefly caused a stir after hitting a new record, but then slowed. The main trigger: US President Donald Trump withheld the threat of tariffs on Europe and claimed there was a "framework" for a future agreement on Greenland. This calmer...
Oil prices were little changed in Asian trading on Thursday after US President Donald Trump backed down from a threat to impose tariffs on European countries over Greenland. This decision helped ease geopolitical tensions and improve market...
The Nikkei 225 Index climbed 1.73% to close at 53,689, while the broader Topix Index rose 0.74% to 3,616 on Thursday, snapping a five-day losing streak as Japanese shares were lifted by a strong rally in chip and artificial intelligence related...