Oil Drops 3% Following Talks Between Trump and Putin
Oil prices fell by more than 3% amid expectations of a possible peace agreement between Russia and Ukraine, which could lead to the lifting of sanctions and the restoration of Russian oil supplies.
How Have Prices Changed?
— Brent (April futures) fell 1% to $74.46 per barrel.
— WTI dropped 0.97% to $70.65 per barrel.
— On Wednesday, oil prices declined by more than 2% after Trump announced that Russia and Ukraine had expressed willingness to negotiate peace.
Why Is Oil Falling?
-
Expectations of Sanctions Being Lifted on Russia
— Russia is the world’s third-largest oil producer.
— Western sanctions have restricted its exports, keeping prices high.
— If the conflict ends, sanctions may be lifted, flooding the market with millions of barrels of Russian oil. -
Rising U.S. Crude Oil Inventories
— U.S. oil stockpiles increased by 4.1 million barrels, reaching 427.9 million barrels.
— Analysts had predicted a 3-million-barrel increase, making the actual rise larger than expected.
— An oversupply of crude oil puts downward pressure on prices. -
Trump’s Trade Policies
— Donald Trump has threatened to impose new tariffs on U.S. trading partners.
— This has raised concerns about a slowdown in global economic growth.
— Slower growth = lower demand for oil.
Market Outlook
Analysts note that the recent price drop is tied to geopolitical uncertainty.
If negotiations between Russia and Ukraine lead to a ceasefire, sanctions on Russian oil could be eased, increasing supply and pushing prices down further.
However, supply factors remain volatile, as sanctions on Russian oil companies and shipping continue to provide market support.
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