Oil prices dipped around 9% on Thursday, wiping out gains earlier in the session, after the Kremlin said Russian President Vladimir Putin would meet US President Donald Trump in the coming days, raising expectations for a diplomatic end to the war in Ukraine.
Brent crude futures were down 6 cents at $66.83 a barrel at 12:44 EDT. US WTI crude fell 4 cents to $64.31. Both benchmarks slid around 1% on Wednesday, touching their lowest in 8 weeks, after comments from Trump on progress in talks with Moscow.
The US continued preparations to impose secondary sanctions on major buyers of Russian energy products to try to pressure Moscow to end the war in Ukraine. Trump imposed an additional 25% tariff on Indian goods on Wednesday, citing the country's continued imports of Russian oil. The new import tax will take effect on August 28. Trump also said he could announce further tariffs on China.
The EIA said on Wednesday that US crude oil stockpiles fell by 3 million barrels to 423.7 million barrels in the week ended August 1.
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