Oil Prices Decline Amid Ukraine, Russia Peace Talks
(MENAFN) Oil values dipped on Tuesday as statements from US President Donald Trump and Ukrainian President Volodymyr Zelenskyy heightened optimism that the ongoing conflict in Ukraine might be nearing a peaceful resolution, potentially softening sanctions on Russian oil exports.
The global reference price, Brent crude, slid by 0.77% to reach $65.63 per barrel at 10:10 a.m. local time (0710 GMT), falling from Monday’s closing value of $66.14.
Meanwhile, the American crude benchmark, West Texas Intermediate (WTI), dropped 0.79%, settling at $62.11 per barrel, down from $62.61 in the previous session.
The downturn in prices followed remarks from Trump, who revealed that groundwork was underway for a three-party summit including Russian President Vladimir Putin and Zelenskyy, in which he himself would also participate.
Zelenskyy reaffirmed his willingness to engage in direct discussions with Putin prior to a wider meeting that would involve US and European officials.
According to German Chancellor Friedrich Merz, who spoke after a gathering in Washington that included European dignitaries, a meeting between Zelenskyy and Putin is anticipated to take place within the next fortnight.
These developments have alleviated market apprehension regarding oil supply disruptions, putting downward pressure on prices.
Experts noted that although a truce or official peace agreement may not be imminent, the advances in diplomatic discussions have diminished international tensions, leading to the observed decline in oil prices.
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