The global oil prices are lower on Monday for the fourth consecutive day on Monday, the possibility of a peace deal between Russia and Ukraine.
The agreement, which will remove oil sanctions on Russia, are disrupting the flow of supply. Global tariff war concerns have also helped to reduce oil prices globally as it can reduce economic growth and energy requirements.
Brent Crowd Oil Futures lost 20 cents, or 0.2 % in the early hours. The new rates are $ 74.59 a barrel. In the last four sessions, Brent decreased 3.1 %.
Meeting Trump President Putin
The development came when the United States President Donald announced that he had begun talks with Russia about the end of the Ukraine war.
Donald Trump expressed a symbol of Russian President Vladimir Putin to discuss the Russian Ukraine conflict soon. These comments came when the two countries are preparing for peace talks that can take place in Saudi Arabia in the coming days.
Earlier, Trump had a long conversation with a Russian counterpart on a phone call. The phone call, which lasted for half an hour, was focused on a reliable peace solution in Ukraine.
He agreed to start his own teams immediately and invited each other to visit their capitals.
The US Secretary of State also reiterated on Sunday that Europe and Russia will take part in talks to end the Ukraine conflict.
US and European Union sanctions on Russian oil exports disabled its shipment. This resulted in a riot in the flow of oil supply globally. The removal of sanctions as a result of the peace deal will increase global energy supply.
US West Texas Intermediate Crude Oil is 23 cents. It fell to $ 70.12 a barrel.
“Markets are likely to be the possibility of a ceasefire in Ukraine and possible sanctions on Russia.”
Trump’s actions are also weighing on prices by tariff wars.
