Media365
Oil prices slipped in early Asian trade on Monday as the United States did not exert more pressure on Russia to end the Ukraine war by implementing further measures to disrupt Moscow’s oil exports after presidents from both countries met on Friday.
Brent crude futures dropped 32 cents, or 0.49 per cent, to US$65.53 a barrel while US West Texas Intermediate crude was at US$62.57 a barrel, down 23 cents.
US President Donald Trump met Russian President Vladimir Putin in Alaska on Friday and emerged more aligned with Moscow on seeking a peace deal instead of a ceasefire first.
Trump will meet Ukrainian President Volodymyr Zelensky and European leaders on Monday to strike a quick peace deal to end Europe’s deadliest war in 80 years.
“What was primarily in play were the secondary tariffs targeting the key importers of Russian energy, and President Trump has indeed indicated that he will pause pursuing incremental action on this front, at least for China,” RBC Capital analyst Helima Croft said in a note.
“The status quo remains largely intact for now,” she said, adding that Moscow will not walk back on territorial demands while Ukraine and some European leaders will balk at the land-for-peace deal.
