Oil prices fell after a two-day rise as the market reacted to signals that US President Donald Trump is backing down on his efforts to end the war between Ukraine and russia.
Ekonomichna Pravda reported this with reference to Bloomberg.
The report says that Brent crude oil was trading below USD 66 per barrel, and US WTI - around USD 63.
Trump said that Ukraine and russia would "immediately" begin talks on a ceasefire, but probably without the participation of the US and without additional pressure on OPEC+ producing countries.
In May, oil prices recovered after a nearly 16% drop in April, which was caused by the easing of the US-China trade war and improved overall investor sentiment.
At the same time, any signs of easing sanctions on russia or Iran could add oil to an already oversupplied global market by 2025.
Meanwhile, Iran has said its uranium enrichment capacity is “absolutely non-negotiable,” a key U.S. demand in talks between the two sides.
A nuclear deal could pave the way for sanctions relief, including on oil exports.
“Both sides of the talks are going to be long and could end in success or failure,” said Robert Rennie, head of commodities and carbon research at Westpac.
“Brent looks overvalued in the USD 66-67 range and is likely to return to USD 60-65,” he added, commenting on the OPEC+ output recovery.
As the Ukrainian News agency earlier reported, President Donald Trump said that the United States will not impose tougher sanctions against russia as long as "there is a chance" for progress.
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