DTN Oil Update
Oil Gains on Trump-Zelenskiy-EU Talks
HOUSTON (DTN) -- Oil futures edged up on Monday following the meeting between U.S. President Donald Trump and Ukrainian President Volodymyr Zelenskiy, along with the main leaders of the European Union, to discuss a Russia-Ukraine ceasefire.
This meeting concluded on a positive tone, with President Zelenskyy reiterating on Monday his willingness to have a trilateral meeting with Putin and Trump. The talks held last Friday between President Trump and Russian President Vladimir Putin in Alaska failed to reach a deal to end the Russia-Ukraine war.
Concerns around Russian oil supplies -- should Russia not agree to a ceasefire deal -- faded after Trump signaled on Friday no urgency to ramp up sanctions enforcement or implement additional punitive tariffs on major buyers of Russian oil like China.
The NYMEX-WTI futures contract for September delivery rose by $0.53 to $63.33 bbl, and the front-month ICE Brent futures contract inched up by $0.68 to $65.53 bbl.
Downstream, September RBOB gasoline futures advanced by $0.0190 to $2.0967 gal, while the front-month ULSD contract rose by $0.0190 to $2.2440 gal.
The U.S. Dollar Index strengthened by 0.258 points to 97.970.