- WTI price moves little as traders adopt caution ahead of Trump-Zelenskyy meeting.
- President Trump is expected to press Zelenskyy to agree to a swift settlement.
- Crude prices slumped as Trump postponed the immediate imposition of retaliatory tariffs on China for purchasing Russian Oil.
West Texas Intermediate (WTI) price remains subdued after registering more than 1% losses in the previous session, trading around $62.10 per barrel during the early European hours on Monday. Traders adopt caution ahead of a meeting between US President Donald Trump and Ukrainian leader Volodymyr Zelenskyy later in the day.
President Trump may urge Zelenskyy to accept a swift settlement after his Friday talks with Russian President Vladimir Putin, which focused on Moscow’s demand that Ukraine surrender territories. The meeting will also feature European Commission President Ursula von der Leyen, French President Emmanuel Macron, and NATO Secretary General Mark Rutte.
Crude Oil prices fell on Friday due to eased concerns over supply disruptions, driven by Trump’s comments after meeting with Russian President Vladimir Putin in Alaska. He said that he did not see an immediate need to impose retaliatory tariffs on countries like China for purchasing Russian Oil, though he might “in two or three weeks,” per Reuters.
The prices of Oil may gain ground as recent United States (US) economic data support the case for a Federal Reserve (Fed) rate cut in September. It is worth noting that lower borrowing costs could stimulate economic activity in the United States, the world’s largest oil consumer, which in turn may lend support to crude prices. Traders will likely look for more clues from Fed Chairman Jerome Powell’s comments at this week’s Jackson Hole meeting regarding the path of interest rate cuts.
