WTI crude oil futures fell to $63.5 per barrel on Monday, hovering at the lowest level in over two months, amid prospects for a peace deal between Russia and Ukraine that could ease global supply disruptions. President Donald Trump last Friday said he will meet with Russian President Vladimir Putin on August 15 in Alaska to discuss efforts to end the conflict. The announcement coincided with Trump’s self-imposed deadline for Moscow to agree to a ceasefire or else face more US sanctions. A resolution could lead to the easing of sanctions on Russian oil exports, paving the way for increased oil supply in global markets. Further weighing on crude prices, higher US tariffs on imports from multiple trade partners went into effect last week, heightening concerns over global economic activity and energy demand.
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