Photo caption: Oil
Oil prices fell in early European trading on Monday, as investors eyed talks between the US and Russia over the war in Ukraine, which are due to take place on Friday.
Brent crude (BZ=F) futures were down 0.8% to $64.99 per barrel at the time of writing, while West Texas Intermediate futures (CL=F) declined 1% to $63.25 a barrel.
US president Donald Trump said on Friday that he would meet Russian president Vladimir Putin in Alaska on 15 August to negotiate an end to the war in Ukraine.
The announcement of the meeting has fuelled expectations of a potential end to sanctions limiting supply of Russian oil to other markets.
Susannah Streeter, head of money and markets at Hargreaves Lansdown, said: “There are hopes that Trump and Putin’s meeting in Alaska later this week will help push the Ukraine conflict to a resolution, which is helping calm concerns over energy supply disruptions.
“Threats of extra tariffs on India, which buys Russian crude, pushed up oil prices, but they are in retreat amid expectations the meeting could pave the way for the lifting of sanctions on Russia.”
“As traders mull the effect on global growing in the tariff era, forecasts for lower energy demand are also acting as a drag on prices,” she said.
=== Reuters ===
