DTN Oil Update
Oil Prices Steady Ahead of Trump-Zelensky Meeting
VIENNA (DTN) -- Oil prices fluctuated between small gains and losses Monday morning ahead of a meeting between U.S. President Donald Trump and Ukrainian President Volodymyr Zelensky. Concerns around Russian oil supplies, fanned by President Trump warning of "severe consequences" should Russia not agree to a ceasefire deal, faded after the President on Friday signaled no urgency to ramp up sanctions enforcement or implement additional punitive tariffs on main buyers of Russian oil like China.
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NYMEX-traded WTI for September delivery rose $0.14 to trade near $62.94 bbl, and ICE Brent for October delivery gained $0.12 to $65.97 bbl.
September RBOB gasoline futures advanced $0.0099 to $2.0824 gal, while the front-month ULSD contract slid $0.0108 to $2.2142 gal.
The U.S. Dollar Index strengthened by 0.173 points to 97.885.
Following the meeting between Presidents Trump and Putin in Alaska last Friday, the U.S. President in a social media post shifted responsibility for ending the war to Ukrainian President Zelensky, further easing Russian supply woes. Trump on Friday also said he is not ready to increase tariffs on imports from China to dissuade buyers of Russian oil.
An op-ed published in the Financial Times on Monday, in which White House Trade Adviser Peter Navarro strongly criticized India for funding Russia's war via oil purchases, however, reignited supply concerns ahead of the meeting later today.