- WTI is cautiously steady above $70.00 as investors stare at the Trump-Putin meeting.
- The impact of the Russia-Ukraine truce would be negative for the Oil price.
- OPEC will likely delay its planned monthly supply increase.
West Texas Intermediate (WTI), futures on NYMEX, trades with caution above the seven-week low of $70.15 in Monday’s European session. The Oil price trades cautiously as investors seek more development in the Russia-Ukraine peace talks.
Last week, United States (US) President Donald Trump confirmed that both leaders of Russia and Ukraine have agreed to peace negotiations.
Donald Trump said that he had a “lengthy and highly productive” conversation with Russian leader Vladimir Putin, and he agreed to start peace negotiations with Ukraine. Also, he ordered his team to begin peace talks.
Over the weekend, Trump also said that he is expected to discuss ending the three-year-long war in Ukraine in the coming days.
Analysts at Philip Nova expect, “If negotiations lead to a resolution, more Russian barrels would enter global supplies, which could significantly impact oil prices negatively.”
Meanwhile, reports that OPEC is planning to delay its planned monthly supply increases, which were expected to begin in April, have offered a temporary relief to the Oil price, Bloomberg reported.
The decision is contrary to President Donald Trump’s urge to Saudi Arabia to increase Oil output by two million barrels last month.
