Trump said on Friday that he will meet with his Russian counterpart on Aug. 15 to discuss a potential end to the war in Ukraine.
Oil prices slipped in early trading on Monday as pending talks between U.S. President Donald Trump and Russia’s Vladimir Putin boosted hopes for a possible easing of sanctions on Russia.
Trump said on Friday that he will meet with his Russian counterpart on Aug. 15 to discuss a potential end to the war in Ukraine. The U.S. President has toughened his rhetoric surrounding the three-year-long war in recent weeks and has already imposed an additional 25% tariff on India for its purchases of Russian oil.
Benchmark Brent crude prices slipped 22 cents to $66.38 per barrel at 02.16 a.m. ET, while U.S. West Texas Intermediate crude prices fell 0.6% to $63.47 per barrel. Retail sentiment about the United States Oil Fund on Stocktwits was in the ‘neutral’ territory at the time of writing.
According to the Energy Information Administration’s data, exports from Russia in the first half of 2025 averaged 4.3 million barrels per day (bpd), compared with 4.8 million bpd for the same period in 2024. Any easing of sanctions would put downward pressure on oil prices, which have already been hit by concerns of oversupply.
Industry estimates indicate that Trump’s tariff threats are starting to have an impact. According to a Reuters report, consultancy firm Energy Aspect estimated Indian refiners have already purchased 5 million barrels of WTI for August loadings, with an additional 5 million barrels possible depending on tender outcomes, and 5 million barrels for September loadings.
Oil prices slipped over 4% in the past week as OPEC+ countries agreed to another hefty output hike in September. However, OPEC+ crude oil production has lagged behind the increase in quotas, with some suppliers still compensating for past periods of excess output, noted Tim Evans on his weekly note, Evans on Energy.
Traders are also awaiting several key U.S. data points, including inflation and jobless claims, which could indicate future demand in the world’s biggest oil consumer.
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