Oil prices were little changed on Monday after falling earlier in trading, as the United States did not put further pressure on Russia to end the war in Ukraine with measures to limit oil exports after a meeting of the two countries' leaders, UNN reports with reference to Reuters.
Details
As of 03:42 GMT (06:42 Kyiv time), Brent crude futures fell by 6 cents, or 0.09%, to $65.79 per barrel, while US West Texas Intermediate crude was at $62.82 per barrel, up 2 cents, or 0.03%.
On Friday, US President Donald Trump met with Kremlin head Vladimir Putin in Alaska and, as the publication writes, "appeared to be more in solidarity with Moscow in seeking a peace agreement rather than a ceasefire."
On Monday, Trump will meet with Ukrainian President Volodymyr Zelenskyy and European leaders to conclude a quick peace agreement that will end Europe's deadliest war in 80 years, the publication notes.
On Friday, Trump said he did not need to immediately consider imposing tariffs in response to Russian oil purchases by countries like China, but might have to do so "in two or three weeks," which eased fears of supply disruptions from Russia.
"The likelihood of no results was largely priced in, the market remains in a wait-and-see mode, rather in a bearish context, as to whether additional barrels of Russian oil can enter the global supply pool if hostilities in Ukraine end," said independent energy analyst Gaurav Sharma.
China, the world's largest oil importer, is the largest buyer of Russian oil, followed by India.
"First and foremost, it was about secondary tariffs targeting key importers of Russian energy, and President Trump did make it clear that he would suspend gradual actions in this direction, at least with regard to China," said RBC Capital analyst Helima Croft.
"The status quo generally remains unchanged for now," Croft said, adding that Moscow would not abandon territorial claims, while Ukraine and some European leaders would oppose a "land for peace" deal.
US allies set to plead with Trump to stand behind Ukraine - Bloomberg18.08.25, 08:59 • [views_3832]
Investors are also awaiting clues from Fed Chairman Jerome Powell at this week's meeting on the direction of interest rate cuts, which could lead to new record highs in stock growth.
"He will likely continue to dodge any commitments and rely on data, especially given another payroll report and CPI before the September 17 FOMC meeting," said IG Market analyst Tony Sycamore.