Brent plunges following Trump-Zelensky meeting
The front-month ICE Brent contract has declined by $0.89/bbl on the day from Friday, to trade at $61.55/bbl at 09.00 GMT.
IMAGE: Oil pump jacks. Getty Images
Upward pressure:
Brent crude lacks immediate bullish catalysts, though market participants remain alert to potential supply-side risks that could drive prices higher.
Escalating attacks by Russia and Ukraine on each other’s energy infrastructure have reinforced concerns over possible supply disruptions.
Meanwhile, Washington has intensified economic pressure on Venezuelan oil exports, reflecting its growing unease with the Nicolas Maduro-led government.
Downward pressure:
Brent crude’s price has declined following a meeting between US Presidents Donald Trump and his Ukrainian counterpart, Volodymyr Zelensky.
Both leaders spoke at a news conference at Trump's Mar-a-Lago resort in Florida yesterday, Reuters reported.
The meeting has rekindled market expectations of a ceasefire deal that could potentially end the conflict in Ukraine.
Brent crude’s price has declined after news reports “hinted at progress in Ukraine talks,” SPI Asset Management managing partner Stephen Innes remarked.
If successful, the deal could ease Western sanctions on Russian energy exports, according to market analysts.
The meeting has helped in “reviving the idea that more Russian barrels could find their way back into a market already wrestling with oversupply,” Innes said.
By Aparupa Mazumder
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