(Bloomberg) — Oil declined on the prospect of increased flows from Iraq and Russia, as US President Donald Trump pushes to end the three-year old war in Ukraine.
Brent crude fell toward $74 a barrel, while West Texas Intermediate was near $70. The president of Iraq’s semi-autonomous Kurdistan region flagged the likely resumption of oil exports next month after an almost two-year shutdown.
Trump is planning to see his Russian counterpart Vladimir Putin as early as this month. While traditional European allies have been sidelined, he said Ukrainian President Volodomyr Zelenskiy will be involved in peace talks. A possible treaty could impact the status of sanctioned oil from Russia.