The price of oil drops with Trump's diplomatic intensification to end the Ukraine War

Oil prices have dropped with the evaluation of traders to the possibility of a ceasefire in Ukraine, while US President Donald Trump holds his efforts to hold a summit between Vladimir Putin and Voludimir Zellinski, following a series of high -level discussions. Brent rough fell by $ 66 a barrel, after it rose 1.1% in the previous session, while West Texas Intermediate Crude traded about $ 63. Trump contacted the Russian president and urged him to start arranging with the Ukrainian leader in the White House on Monday. He turned in favor of Kiev after the Alaska summit, and Trump’s talks with Zelinski seem to reflect a shift in favor of Kiev, a few days after his meeting with Putin in Alaska and his statement that the responsibility for the termination of the conflict on Ukraine falls. Trump also suggested that a triple meeting be held after the bilateral summit. Any ceasefire will lead to an increase in crude oil supplies from Russia. Recently, attempts to end the war with Putin and Trump’s meeting Friday, followed by talks with Zellinski and European leaders on Monday. The blurring of the markets continues despite the decline in oil, it has increased the condition of the manure in the market, but oil prices have been by more than 10% low since the beginning of the year, due to the fear of the effects of US commercial policies, and the possibility of a surplus in the “OPEC+” oil supply. “Oil prices can enter a phase of relative stability without a clear direction … a glitter of hope to resolve the conflict, but the road is still long,” Vanda Insights said for analyzing oil markets in Singapore. Despite diplomatic efforts, expensive attacks from both sides. Ukraine has announced that it has launched a new blow to the Russian “Drogba” pipeline system, which led to the disruption of an important oil supply corridor in parts of central Europe. Also read: Ukraine starts a new attack on a Russian Berlin oil pipeline: Putin-Zellinski’s summit can be held within two weeks, German Chancellor Friedrich Mertz, after a White House meeting, said a possible meeting between Putin and Zelinski could be held within two weeks. Zelinski has described his conversations with Trump as his best so far. As for the oil market, investors are awaiting how the ceasefire procedures will affect the imposed sanctions. Trump recently recorded economic sanctions against India due to the purchase of Russian oil, but China excluded the largest buyer of crude oil from what is known as “secondary sanctions”. The price of Brent delivery, October delivery, dropped 0.6% in Singapore to $ 66.23 a barrel at 11:40. The price of Western Texas -Intermediate CR, the September delivery, dropped 0.6% to $ 63.03 a barrel.