FX.co ★ Oil Drops on Possible End to Russia-Ukraine War

West Texas Intermediate (WTI) crude oil futures declined by 1% to approximately $63.10 per barrel on Monday, reaching the lowest level seen in over two months. This downturn occurs amidst expectations of a potential resolution to the Ukraine conflict. Last Friday, President Donald Trump announced plans to meet with Russian President Vladimir Putin on August 15 in Alaska to discuss efforts to conclude the conflict. This announcement aligns with Trump's deadline for Moscow to agree to a ceasefire, under the threat of further US sanctions. A peaceful resolution could lead to a reduction in sanctions on Russian oil exports, potentially increasing the global oil supply. Additionally, crude oil prices experienced downward pressure due to the implementation of increased US tariffs on imports from various trading partners the previous week, which has intensified concerns about global economic performance and energy demand.