Written by The Banking Post
Global oil prices held steady on Monday after early losses, as fears of fresh U.S. pressure on Russian crude exports subsided following last week’s meeting between President Donald Trump and Russian President Vladimir Putin.
Brent crude slipped 6 cents, or 0.09 percent, to $65.79 a barrel by 0342 GMT, while U.S. West Texas Intermediate (WTI) crude edged up 2 cents, or 0.03 percent, to $62.82, Reuters reported.
Trump and Putin met in Alaska on Friday, where discussions appeared to shift towards brokering a peace deal in Ukraine rather than pressing Moscow with additional sanctions. Trump is scheduled to meet Ukrainian President Volodymyr Zelenskiy and European leaders on Monday to accelerate efforts for a settlement in Europe’s most devastating conflict in decades.
Market jitters over the possibility of U.S. secondary tariffs on Russian oil buyers, particularly China and India, also eased after Trump signaled no immediate action. “A non-outcome was largely priced in… the market remains in wait-and-see, more in a bearish context, if more Russian barrels can arrive into the global crude supply pool should hostilities end in Ukraine,” said independent analyst Gaurav Sharma.
China remains the largest importer of Russian oil, followed by India. Analysts noted that while Trump has paused on imposing further penalties—especially on China—geopolitical uncertainty persists. “The status quo remains largely intact for now,” said Helima Croft of RBC Capital, pointing out that Russia’s territorial demands remain a sticking point in negotiations.
Meanwhile, investors are also looking ahead to Federal Reserve Chair Jerome Powell’s remarks at this week’s Jackson Hole symposium for signals on potential rate cuts that could buoy equities further.
