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Oil prices decline as investors weigh Russia-Ukraine talks, US tariff concerns
(MENAFN) Oil prices edged lower on Monday as investors evaluated the impact of US-led efforts to mediate peace between Russia and Ukraine, alongside growing economic concerns tied to upcoming US tariffs.
By 11:40 a.m. local time (0840 GMT), Brent crude, the international oil benchmark, slipped 0.36% to $71.46 per barrel, down from its previous close of $71.72. Meanwhile, the US benchmark, West Texas Intermediate (WTI), declined 0.37% to $68 per barrel from $68.25.
Traders are keeping a close watch on US-mediated peace negotiations between Russia and Ukraine, as a breakthrough could lead to increased Russian oil exports. Meanwhile, a US delegation is engaging with Russian and Ukrainian officials to push for a Black Sea ceasefire.
Ukrainian Defense Minister Rustem Umerov described discussions with a US delegation in Saudi Arabia as "productive," highlighting energy-related talks, Defense Minister Rustem Umerov stated on Sunday in a post on X.
He reaffirmed Ukrainian President Volodymyr Zelenskyy's commitment to achieving a "just and lasting peace" for Ukraine. The talk took place ahead of planned US-Russia discussions on a possible ceasefire, though continued attacks cast doubt on any immediate progress.
Meanwhile, concerns over global trade persist as the US prepares to introduce reciprocal tariffs on April 2, aligning its trade policies with other nations and adding to market uncertainty.
By 11:40 a.m. local time (0840 GMT), Brent crude, the international oil benchmark, slipped 0.36% to $71.46 per barrel, down from its previous close of $71.72. Meanwhile, the US benchmark, West Texas Intermediate (WTI), declined 0.37% to $68 per barrel from $68.25.
Traders are keeping a close watch on US-mediated peace negotiations between Russia and Ukraine, as a breakthrough could lead to increased Russian oil exports. Meanwhile, a US delegation is engaging with Russian and Ukrainian officials to push for a Black Sea ceasefire.
Ukrainian Defense Minister Rustem Umerov described discussions with a US delegation in Saudi Arabia as "productive," highlighting energy-related talks, Defense Minister Rustem Umerov stated on Sunday in a post on X.
He reaffirmed Ukrainian President Volodymyr Zelenskyy's commitment to achieving a "just and lasting peace" for Ukraine. The talk took place ahead of planned US-Russia discussions on a possible ceasefire, though continued attacks cast doubt on any immediate progress.
Meanwhile, concerns over global trade persist as the US prepares to introduce reciprocal tariffs on April 2, aligning its trade policies with other nations and adding to market uncertainty.
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