Crude oil prices slip as Trump talks Russia-Ukraine war peace
Crude oil prices slipped on Friday, with Brent at $67.29 and WTI at $63.37 per barrel, after Donald Trump emphasized the US will push for peace once the Russia-Ukraine war ends.
In India, crude prices barely moved.
Trump's role in oil prices
Oil prices affect everything from travel to groceries—so even small changes can hit your wallet.
Trump admitted he's frustrated by slow peace talks despite his past ties with Putin, and suggested that Europe stopping purchases of Russian oil could help bring about a solution.
But with US oil inventories rising by millions of barrels last week, there's more supply than demand right now, which is keeping prices down.
Why the drop?
It's a mix of geopolitics and market math: Uncertainty over the Russia-Ukraine conflict plus higher US petroleum stocks are making investors cautious about oil's future price moves.