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WTI hovers around $62.00 ahead of Trump-Zelenskyy talks

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WTI hovers around $62.00 ahead of Trump-Zelenskyy talks

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New update 2025.08.18 16:46
WTI hovers around $62.00 ahead of Trump-Zelenskyy talks

update 2025.08.18 16:46

  • WTI price moves little as traders adopt caution ahead of Trump-Zelenskyy meeting.
  • President Trump is expected to press Zelenskyy to agree to a swift settlement.
  • Crude prices slumped as Trump postponed the immediate imposition of retaliatory tariffs on China for purchasing Russian Oil.

West Texas Intermediate (WTI) price remains subdued after registering more than 1% losses in the previous session, trading around $62.10 per barrel during the early European hours on Monday. Traders adopt caution ahead of a meeting between US President Donald Trump and Ukrainian leader Volodymyr Zelenskyy later in the day.

President Trump may urge Zelenskyy to accept a swift settlement after his Friday talks with Russian President Vladimir Putin, which focused on Moscow's demand that Ukraine surrender territories. The meeting will also feature European Commission President Ursula von der Leyen, French President Emmanuel Macron, and NATO Secretary General Mark Rutte.

Crude Oil prices fell on Friday due to eased concerns over supply disruptions, driven by Trump's comments after meeting with Russian President Vladimir Putin in Alaska. He said that he did not see an immediate need to impose retaliatory tariffs on countries like China for purchasing Russian Oil, though he might "in two or three weeks," per Reuters.

The prices of Oil may gain ground as recent United States (US) economic data support the case for a Federal Reserve (Fed) rate cut in September. It is worth noting that lower borrowing costs could stimulate economic activity in the United States, the world's largest oil consumer, which in turn may lend support to crude prices. Traders will likely look for more clues from Fed Chairman Jerome Powell's comments at this week's Jackson Hole meeting regarding the path of interest rate cuts.

WTI Oil FAQs

WTI Oil is a type of Crude Oil sold on international markets. The WTI stands for West Texas Intermediate, one of three major types including Brent and Dubai Crude. WTI is also referred to as "light" and "sweet" because of its relatively low gravity and sulfur content respectively. It is considered a high quality Oil that is easily refined. It is sourced in the United States and distributed via the Cushing hub, which is considered "The Pipeline Crossroads of the World". It is a benchmark for the Oil market and WTI price is frequently quoted in the media.

Like all assets, supply and demand are the key drivers of WTI Oil price. As such, global growth can be a driver of increased demand and vice versa for weak global growth. Political instability, wars, and sanctions can disrupt supply and impact prices. The decisions of OPEC, a group of major Oil-producing countries, is another key driver of price. The value of the US Dollar influences the price of WTI Crude Oil, since Oil is predominantly traded in US Dollars, thus a weaker US Dollar can make Oil more affordable and vice versa.

The weekly Oil inventory reports published by the American Petroleum Institute (API) and the Energy Information Agency (EIA) impact the price of WTI Oil. Changes in inventories reflect fluctuating supply and demand. If the data shows a drop in inventories it can indicate increased demand, pushing up Oil price. Higher inventories can reflect increased supply, pushing down prices. API's report is published every Tuesday and EIA's the day after. Their results are usually similar, falling within 1% of each other 75% of the time. The EIA data is considered more reliable, since it is a government agency.

OPEC (Organization of the Petroleum Exporting Countries) is a group of 12 Oil-producing nations who collectively decide production quotas for member countries at twice-yearly meetings. Their decisions often impact WTI Oil prices. When OPEC decides to lower quotas, it can tighten supply, pushing up Oil prices. When OPEC increases production, it has the opposite effect. OPEC+ refers to an expanded group that includes ten extra non-OPEC members, the most notable of which is Russia.

Date

Created

 : 2025.08.18

Update

Last updated

 : 2025.08.18

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