Oil dips after Trump announcements on Russian diesel, Ukraine energy ceasefire
USO•Oil prices fell after Trump said Russia would supply more than 300,000 metric tons of diesel and announced a Ukraine-Russia energy ceasefire. Brent was down 0.2% at $104.50 a barrel, while WTI fell 0.4% to $91.45.
1. Oil prices slip
Brent crude futures fell 22 cents, or 0.2%, to $104.50 a barrel, while US West Texas Intermediate fell 40 cents, or 0.4%, to $91.45. Both benchmarks had been down more than 1% earlier in the session. Gasoil futures fell 4.6% to $1,415 per metric ton after Trump said Russia would immediately supply more than 300,000 metric tons of diesel to US and global markets, with more to follow.
2. Supply and conflict risks
PVM analyst Tamas Varga said the immediate impact of the deal was questionable given Russia’s reduced refining capacity, while noting Moscow had partially lifted its diesel export ban to release 500,000 tonnes onto international markets. Trump also announced an energy ceasefire between Ukraine and Russia; Volodymyr Zelenskiy said he was waiting for details, while Russia did not comment. Middle East conflict continued to support Brent above $100, with tanker attacks reported near Oman and in the Strait of Hormuz.
