DTN Oil Update
Oil Prices Slump as Supply Risks Ease on Ukraine Talks
VIENNA (DTN) -- Oil prices slipped Tuesday morning 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.
NYMEX-traded WTI for September delivery fell $0.95 to trade near $62.47 bbl, and ICE Brent for October delivery slid $0.81 to $65.79 bbl.
September RBOB gasoline futures retreated $0.0142 to $2.0845 gal, while the front-month ULSD contract advanced $0.0018 to $2.2421 gal.
The U.S. Dollar Index softened by 0.087 points to 97.930.
Fighting continued as participating leaders presented themselves carefully optimistic after Monday's meetings. 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.
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