Oil Prices Steady After Trump-Putin Meeting
Oil prices held mostly steady on Monday after an early dip. Traders reacted to signals that the United States will not immediately increase pressure on Russia by targeting its oil exports, following last week’s meeting between President Donald Trump and Russian President Vladimir Putin.
Brent and WTI Prices
- Brent crude futures slipped 6 cents, or 0.09%, to $65.79 a barrel by 0342 GMT.
- U.S. West Texas Intermediate (WTI) crude edged up 2 cents, or 0.03%, to $62.82 a barrel.
Trump’s Meetings With Putin and Zelenskiy
At the Alaska summit on Friday, Trump appeared more aligned with Moscow, favoring a peace deal over a ceasefire in Ukraine. He will meet Ukrainian President Volodymyr Zelenskiy and European leaders on Monday to push for a quick agreement to end the war.
Trump also said he would not immediately impose retaliatory tariffs on countries such as China for buying Russian oil, though he may revisit the issue “in two or three weeks.” That stance eased fears of a disruption in Russian supply.
Analysts’ Market Outlook
Independent analyst Gaurav Sharma said markets had already priced in a non-event. He noted that oil sentiment remains bearish if more Russian barrels re-enter the global supply chain after a peace settlement.
China is the world’s largest importer of Russian oil, followed by India.
RBC Capital’s Helima Croft said secondary tariffs targeting key buyers such as China were the main concern. “President Trump has indicated he will pause incremental action on this front, at least for China,” she wrote. For now, “the status quo remains intact,” though Russia’s territorial demands and Europe’s resistance to land-for-peace terms remain obstacles.
Markets Eye Federal Reserve Signals
Beyond geopolitics, investors are focused on the Federal Reserve’s Jackson Hole symposium this week. Fed Chair Jerome Powell is expected to comment on the outlook for interest rate cuts that could boost stocks further.
IG analyst Tony Sycamore said Powell is likely to remain cautious and “data-dependent,” noting that another payroll and inflation report are due before the September 17 FOMC meeting.
