WASHINGTON (dpa-AFX) - Crude oil increased on Monday as investors focused their attention on the meeting between the US and Ukrainian presidents today at the White House amid heightened geopolitical tensions surrounding Russia and Ukraine.
WTI Crude Oil for September delivery was last seen trading up by $0.60 (0.96%) at $63.40 per barrel.
In an effort to end the three-plus-year long Russian war with Ukraine, US President Donald Trump had a meeting with Russian President Vladimir Putin on Friday in Alaska.
Surprisingly after the meeting, instead of demanding an immediate ceasefire from Russia, Trump recommended that Ukraine agree to concede some territories to Russia and drop its bid to join NATO to achieve a ceasefire as well as to gain a US assurance of security.
With this hard choice, Ukraine's President Volodymyr Zelenskyy is hastily meeting Trump today at White House.
EU leaders are also involved in the talks supporting Zelenskyy to show their solidarity with Ukraine as they fear Putin may extend his aggression beyond Ukraine if given a free hand.
Market players are pivoting their attention on the outcome of this crucial meeting. Of note, Trump had earlier threatened Russia with heavy sanctions if the country continues the war.
Despite supportive data points by the API which reported a 4.2 million barrel decline in inventory and the EIA confirming a 3 million barrel drawdown, the recent decision by the OPEC+ member nations to increase crude oil production by 547,000 barrels per day starting in September - a reversal in their output reduction strategy - has weighed on the oil prices.
Economic growth concerns in major oil-consuming nations due to tariffs and the ending of peak summer seasonal demand are also affecting oil prices.
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