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West Texas Intermediate was near $71 a barrel after losing 2.7% on Wednesday, the most since late November. Brent closed near $75. Trump said negotiations would start immediately, and that he would probably meet Putin in Saudi Arabia in the “not-to-distant future,” according to a social media post.
US sanctions on Moscow’s oil sector have disrupted the flow of Russian crude, which helped to underpin gains in global oil benchmarks earlier this year. The market, however, has been swept up in Trump’s various tariff salvos, which have weighed on sentiment and prices over the past three weeks.
The president’s trade policies risk stoking volatility in global markets, and has the potential to create supply-demand imbalances that are not reflective of fundamentals, OPEC said in a monthly report on Wednesday. The release also showed that several members are better implementing supply curbs.The International Energy Agency is scheduled to provide a snapshot on the market later Thursday, including the supply and demand outlook.
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