Global oil prices continue to decline, losing about 1% following statements from United States President Donald Trump regarding “progress” in negotiations with Russia.
This is reported by Finway
Oil Market Price Dynamics
Over the past day, Brent crude oil futures fell by 75 cents, which is a 1.1% decrease from the previous value, reaching $66.89 per barrel. American oil, West Texas Intermediate (WTI), decreased by 81 cents (1.2%) to $64.35 per barrel. These are the lowest figures in the last eight weeks.
Impact of US and Russia Negotiations
The market reacted to Donald Trump’s statements about “significant progress” in negotiations with Russia, interpreting them as a potential signal for easing sanctions against Russia. Such a development could allow the Russian Federation to increase its oil export volumes, putting pressure on global prices.
“The market interpreted Trump’s statements about “significant progress” as a signal for possible easing of sanctions, which would allow Russia to sell more oil.”
Earlier that same day, oil prices showed an increase. This occurred after Donald Trump signed an order imposing an additional 25% tariff on imports of goods from India, related to the Indian side’s purchase of Russian oil.