Oil prices fall as Trump-Putin meet eases Russian supply concerns

Investing.com-- Oil prices eased in Asian trading on Monday as concerns over Russian supply receded following last week’s meeting between U.S. President Donald Trump and Russian President Vladimir Putin, which failed to yield an immediate Ukraine ceasefire.

As of 20:30 ET (00:30 GMT), Brent Oil Futures expiring in October fell 0.4% to $65.62 per barrel, while West Texas Intermediate (WTI) crude futures edged 0.2% lower to $62.66 per barrel.

Both contracts fell nearly 1.5% on Friday, and ended with sharp weekly losses before the U.S.-Russia meeting concluded.

Oil weakens as Trump signals softer stance with Putin

At last week’s summit in Alaska, Trump signaled alignment with Moscow in seeking a full peace agreement in Ukraine instead of pursuing a ceasefire first.

The development dampened expectations of fresh energy sanctions and eased fears of tightening Russian oil flows.

Earlier, Trump had said that a ceasefire would be his “key demand,” even threatening to walk out of talks and impose tougher measures on Moscow. That rhetoric had heightened worries of constrained supply.

Additionally, Trump said on Friday he was in no rush to impose tariffs on countries such as China for buying Russian oil but warned he could act within weeks if no progress is made on ending the Ukraine war.

China and India remain the top buyers of Russian crude.

Trump-Zelenskiy meet for Ukraine peace deal awaited

Now, Trump is scheduled to meet Ukrainian President Volodymyr Zelenskiy and top European leaders in Washington on Monday, aiming for a swift peace deal to end the Ukraine conflict.

The united front of European leaders seeks to block any outcomes that would undermine Ukraine’s territorial integrity, further unsettling markets watching the geopolitical balance.

Trump on Sunday vowed “BIG PROGRESS ON RUSSIA” in a social media post, without providing specifics.

With the Kremlin potentially securing relief from Western pressure and diplomatic efforts underway to resolve the Ukraine war, oil markets may face sustained downward pressure until the outcomes of these high-stakes negotiations become clearer.