Crude Oil Prices Edge Higher Ahead of Trump–Zelenskyy Meeting

Crude oil prices inched higher on Monday as markets focused on the upcoming meeting between U.S. President Donald Trump and Ukrainian President Volodymyr Zelenskyy. The talks, scheduled in Washington later today, follow Trump’s recent discussions with Russian President Vladimir Putin.

Oil Price Update

By 9:25 a.m., October Brent crude was trading at $65.88 per barrel, showing a slight increase of 0.05%, while September West Texas Intermediate (WTI) futures climbed 0.18% to $62.09 per barrel. On India’s Multi Commodity Exchange (MCX), August crude futures fell to ₹5,502, down 1.75%, and September contracts declined to ₹5,450, a drop of 1.57% from the previous close.

Market Drivers

According to Warren Patterson, Head of Commodities Strategy at ING Think, the oil market is reacting cautiously. He explained that the Trump–Putin summit in Alaska eased fears of immediate sanctions, even though no ceasefire was reached. Trump also delayed additional tariffs on China for purchasing Russian oil, citing weekend progress with Putin.

Geopolitical Focus

The main issue remains Ukraine’s resistance to giving up territory without strong U.S. and European security guarantees. Patterson also noted that the U.S. tariffs on India for Russian oil purchases are still scheduled to take effect on August 27, though negotiations could change the outcome.

The Trump–Zelenskyy talks are also expected to involve several European leaders:

• Ursula von der Leyen, President of the European Commission
• Emmanuel Macron, President of France
• Mark Rutte, NATO Secretary General

“The reduced risk of tougher sanctions and secondary tariffs should allow bearish fundamentals to drive oil prices in the near term,” Patterson said.

Other Commodities Movement

• Natural gas (August futures, MCX): ₹250, up 0.68%
• Guargum (August contracts, NCDEX): ₹9,643, up 1.25%
• Turmeric (August futures, NCDEX): ₹12,400, down 2.16%

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