Oil prices fell today after the United States refrained from imposing tougher restrictions on Russian energy exports, easing fears of supply disruptions.
The decision followed a meeting between U.S. President Donald Trump and Russian President Vladimir Putin on Friday, where discussions centered more on a potential peace agreement in Ukraine than on escalating economic pressure.
By 00:28 GMT, Brent crude futures were down 26 cents, or 0.39 percent, at $65.59 a barrel, while U.S. West Texas Intermediate crude slipped 18 cents, or 0.29 percent, to $62.62 a barrel, according to news reports.
Market analysts noted that Trump’s softer stance on secondary sanctions targeting countries buying Russian oil, particularly China and India, provided relief to traders. “The status quo remains largely unchanged for now,” said Helima Croft, analyst at RBC Capital.
She added that Moscow is unlikely to compromise on local demands, while Ukraine and several European leaders continue to reject a land-for-peace arrangement.
Trump, who appeared more aligned with Moscow on pursuing a peace settlement rather than an immediate ceasefire, is set to meet Ukrainian President Volodymyr Zelensky and European leaders on Monday to push for a swift agreement.
He also signaled that while tariffs on countries importing Russian oil were not imminent, they could be reconsidered “within two or three weeks.”
China, the world’s largest oil importer, remains Russia’s top energy buyer, followed by India. For now, Trump’s decision to pause on punitive measures against Beijing has reassured markets concerned about sudden disruptions in supply.
Beyond geopolitics, investors are also closely watching remarks from U.S. Federal Reserve Chairman Jerome Powell at this week’s policy meeting. Any signals of interest rate cuts could lift equity markets further, potentially influencing commodity trends as well.
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