New York/London (dpa -AfX) – Oil prices fell on Friday shortly before a eagerly awaited summit of the presidents of the USA and Russia. Since the morning, however, the notations have only been under pressure. A barrel (159 liters) of the North Sea variety Brent for delivery in October cost $ 66.36. That was 48 cents less than the day before. The price for a barrel of the US variety WTI with delivery in September fell by 58 cents to $ 63.38.
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At the oil market, investors are waiting for the results of the meeting of US President Donald Trump with Kremlin chief Vladimir Putin, who is to take place in the US state of Alaska in the evening in the evening. Crucial impulses for an armistice in the Russian attack war against Ukraine could emerge from the conversation. For investors in the oil market, possible sanctions against Russia are important, which could increase the pressure on the Kremlin and affect Russian oil trade.
The price movements on the oil market have already been limited to comparatively narrow limits in the past trading days. The price of brent oil from the North Sea was most recently traded at the level of Monday.
A direct ceasefire in Ukraine, as a result of the Alaska summit, is assessed by market observers as rather unlikely. Commerzbank’s raw material experts assume stricter sanctions from the United States against Russia, should there be no progress at the summit towards a ceasefire in Ukraine.
If the meeting in Alaska does not provide any results, the oil prices should “at least rise a bit”, according to an analysis of Commerzbank. “Otherwise there is a further price drop due to the emerging oversupply.”/JKR/JSL/Men