Oil prices slipped on Monday as investors awaited US-Russia talks this week that could impact global supply and weigh on market sentiment.
International benchmark Brent crude was trading at $65.69 per barrel at 10.34 a.m. local time (0734 GMT), down 0.21% from the previous session’s close of $65.83.
US benchmark West Texas Intermediate (WTI) stood at $62.56 per barrel, a 0.2% drop from $62.69 in the previous session.
Prices extended losses as markets awaited the outcome of Washington-Moscow negotiations this week about the war in Ukraine.
US President Donald Trump and Russian President Vladimir Putin are scheduled to meet in Alaska on Friday to discuss a possible end to the conflict.
The meeting will be the first face-to-face meeting between the sitting Russian and US presidents since June 2021, when Putin met then-US President Joe Biden in Geneva, Switzerland.
Reports of the upcoming talks fueled expectations that sanctions restricting Russian oil exports could be eased.
Experts say a breakdown in peace talks could shift markets back to growth expectations, triggering sharp gains in oil prices.
Meanwhile, Trump’s high tariffs on imports, which took effect Aug. 7, are expected to slow economic activity and stoke inflation by disrupting supply chains.
In China, official data released over the weekend showed the Producer Price Index dropped 3.6% in July from a year earlier, a steeper fall than expected. The Consumer Price Index rose 0.4% from June but was flat year-on-year.
Analysts say deflation risks remain concentrated in manufacturing, and that upcoming retail sales and industrial output figures will provide further clues on the economy’s trajectory.
By Handan Kazanci
Anadolu Agency
energy@aa.com.tr
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