- Oil steady as focus turns to Trump–Zelensky meeting
- The WTI prompt-month contract rose $0.01 to $62.81 Monday morning (7:45 AM CT)
- President Trump will meet with Ukrainian President Zelensky on Monday
- After the US-Russia meeting on Friday, Trump said he will urge Zelensky to make a quick deal and indicated he was open to meeting Putin’s demand that Ukraine give up large swathes of land
- Analysts caution little bullish momentum will come from the region, with PVM’s Tamas Varga noting “Russia retains the upper hand”
- CFTC data show money managers cut net-long positions in WTI to the lowest since 2009, while Brent net-longs posted their steepest drop in nearly two months
- The WTI Dec.-Dec. spread weakened to its lowest since late June
- In a Fox News interview, Trump said he will delay raising tariffs on Chinese goods in light of Beijing’s purchases of Russian crude, despite punishing India for buying Russian crude
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