The price of WTI crude oil goes down because the United States is working to make a peace agreement between Russia and Ukraine, which could lead to more crude oil being available.
Rubio said the Geneva talks were "very worthwhile," and he called them the most productive in "a very long time."
US penalties on Rosneft and Lukoil have left almost 48 million barrels of Russian crude oil stuck at sea.
The price of West Texas Intermediate (WTI) oil continued its downward trend for the fourth day in a row, trading near $57.70 per barrel during European trading hours on Monday. The drop in crude oil prices comes as the United States works toward a peace agreement between Russia and Ukraine, which might increase the supply of crude oil into a market that is already heavily supplied.
Senior US and Ukrainian officials said on Sunday that progress is happening on a US-supported plan to end the conflict. US Secretary of State Marco Rubio called the talks in Geneva "very worthwhile," saying it was the most productive day in a long time. He also mentioned that the Thursday deadline set by President Donald Trump for Ukraine's response is not the main focus right now.
Some European friends are concerned that the plan gives too many advantages to Moscow. If an agreement is made, it might lead to lifting sanctions on Russian oil, which could increase the supply in a market that is already expected to have a large surplus next year.
Reuters cited IG analyst Tony Sycamore in a note, stating that "the downfall was largely caused by President Trump's strong effort to push for a peace agreement between Russia and Ukraine, which the markets view as a quick way to access a large amount of Russian supply."
The report says that the progress towards reaching an agreement was more significant than the recent problems caused by US sanctions on Rosneft, a state-owned company, and Lukoil, a private producer. These sanctions started on Friday and have left almost 48 million barrels of Russian crude oil stuck at sea.
Rubio said the Geneva talks were "very worthwhile," and he called them the most productive in "a very long time."
US penalties on Rosneft and Lukoil have left almost 48 million barrels of Russian crude oil stuck at sea.
The price of West Texas Intermediate (WTI) oil continued its downward trend for the fourth day in a row, trading near $57.70 per barrel during European trading hours on Monday. The drop in crude oil prices comes as the United States works toward a peace agreement between Russia and Ukraine, which might increase the supply of crude oil into a market that is already heavily supplied.
Senior US and Ukrainian officials said on Sunday that progress is happening on a US-supported plan to end the conflict. US Secretary of State Marco Rubio called the talks in Geneva "very worthwhile," saying it was the most productive day in a long time. He also mentioned that the Thursday deadline set by President Donald Trump for Ukraine's response is not the main focus right now.
Some European friends are concerned that the plan gives too many advantages to Moscow. If an agreement is made, it might lead to lifting sanctions on Russian oil, which could increase the supply in a market that is already expected to have a large surplus next year.
Reuters cited IG analyst Tony Sycamore in a note, stating that "the downfall was largely caused by President Trump's strong effort to push for a peace agreement between Russia and Ukraine, which the markets view as a quick way to access a large amount of Russian supply."
The report says that the progress towards reaching an agreement was more significant than the recent problems caused by US sanctions on Rosneft, a state-owned company, and Lukoil, a private producer. These sanctions started on Friday and have left almost 48 million barrels of Russian crude oil stuck at sea.
