Oil prices were little changed on Monday after early declines, as markets saw no new U.S. pressure on Russia’s energy exports following a high-profile meeting between Presidents Donald Trump and Vladimir Putin.
Brent crude futures slipped 6 cents, or 0.09%, to $65.79 a barrel, while U.S. West Texas Intermediate edged up 2 cents to $62.82 by mid-morning trade. Analysts said the absence of fresh sanctions or restrictions was already priced in, leaving traders in a wait-and-see mode, News.az reports, citing Reuters.
Trump and Putin met in Alaska on Friday, where the U.S. president signaled a willingness to pursue a peace deal for Ukraine rather than a ceasefire first. Trump said he would not immediately impose retaliatory tariffs on countries importing Russian oil, such as China, easing fears of supply disruptions. However, he warned such measures could be considered “in two or three weeks.”
Energy analysts noted that any resolution to the Ukraine conflict could bring more Russian barrels back into global markets. “The status quo remains largely intact for now,” said RBC Capital’s Helima Croft, though she added that Moscow is unlikely to abandon its territorial demands, while Ukraine and European leaders resist land-for-peace terms.
Markets are also keeping a close eye on Federal Reserve Chairman Jerome Powell, who is due to speak at this week’s Jackson Hole conference. His comments could shape expectations for interest rate cuts that may influence broader market sentiment.
