DTN Oil Update
Oil Futures Mixed on Trilateral Meeting Outlook
HOUSTON (DTN) -- Oil futures were mixed on Tuesday after talks between U.S. President Donald Trump, Ukrainian President Volodymyr Zelenskyy and EU leaders raised the prospects of a diplomatic solution to the war in Ukraine which could lead to an easing of sanctions on Russia's energy trade.
The front-month NYMEX WTI futures contract fell by $0.97 to $62.45 barrel (bbl), while the October ICE Brent futures contract dropped by $0.71 to $65.89 bbl, after hitting the $66-bbl mark earlier.
September RBOB gasoline futures retreated $0.0161 to $2.0917 gallon, in contrast the front-month ULSD contract advanced $0.0161 to $2.2597 gallon.
The U.S. Dollar Index rose by 0.103 points to 98.120.
On Monday, Aug. 18, President Trump announced plans for a trilateral meeting between the U.S., Russia and Ukraine, as Russian and Ukrainian demands and territorial claims have remained at an impasse. The waning threat of secondary sanctions on buyers of Russian oil, along with a cooling of military hostilities will likely further weigh on oil prices.
However, despite the different diplomatic meetings held by Trump, Putin, Zelenskyy and other world leaders, Russia launched another attack on Ukraine overnight, which raises concern about the likelihood of a Russia-Ukraine ceasefire.
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