DTN Oil Update
Oil Prices Steady Ahead of Possible Trump-Putin Meeting
VIENNA (DTN) -- Oil prices steadied Thursday morning after the Kremlin said that the U.S. and Russia had agreed on a venue for a direct meeting between Presidents Donald Trump and Vladimir Putin. Trump has recently been reiterating secondary tariff threats on buyers of Russian oil, announcing a doubling of tariffs for U.S. imports of Indian goods, to take effect in September. At the same time, the prospect of a direct meeting between the two heads of state is raising hopes of a diplomatic solution to the ongoing war in Ukraine.
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NYMEX-traded WTI for September delivery rose $0.36 to trade near $64.71 bbl, and ICE Brent for October delivery added $0.34 to $67.23 bbl.
September RBOB gasoline futures gained $0.0150 to $2.1054 gallon, and the front-month ULSD futures contract rose $0.0200 to trade near $2.2828 gallon.
The U.S. Dollar Index strengthened by 0.052 points to 98.035.
Oil prices were still down more than 3.5% from the start of the week, pressured by an OPEC+ decision to accelerate output hikes and lackluster macroeconomic data from major oil consumers. The White House's threat of stricter sanctions enforcement helped feather the fall.
Futures prices were also supported by official U.S. government data showing commercial crude oil inventories declining by 3 million bbls last week, alongside shrinking gasoline and distillate fuel oil stocks.