INSUBCONTINENT EXCLUSIVE:
Oil prices fell sharply on Wednesday as discussions for a potential ceasefire in Ukraine gained momentum, driven by United States -led
negotiations.President Donald Trump initiated talks with Russian President Vladimir Putin and Ukrainian President Volodymyr Zelenskiy
This move signaled possible progress toward ending the conflict.Brent crude, the global oil benchmark, dropped 2.36% to $75.18 per barrel
for April contracts on the Intercontinental Exchange in London
Meanwhile, West Texas Intermediate (WTI) crude for March delivery declined 2.65%, settling at $71.37 per barrel on the New York Mercantile
Exchange.Trump revealed his outreach to Putin through a post on his social media platform, Truth Social, stating that both leaders agreed to
begin immediate negotiations
He also confirmed plans to inform Zelenskiy of the conversation.Following the talks, Kremlin spokesperson Dmitry Peskov disclosed that
discussions covered Ukraine, bilateral relations, the Middle East, and a potential prisoner exchange between Washington and Moscow
Additionally, Putin extended an invitation for Trump to visit Moscow.Oil Prices Dip as IEA Forecast Tempers Russian Sanctions Concerns
(Photo Internet reproduction)This marked the first direct communication between Putin and a sitting United States president since February
2022, when he spoke with then-President Joe Biden shortly before launching military operations in Ukraine.Geopolitical Developments and Oil
Market DynamicsTrump later described his call with Zelenskiy as productive, emphasizing that both leaders expressed a desire for peace
supply concerns.Early in his presidency, Trump declared a national energy emergency to bolster United States strategic reserves and expand
Adding downward pressure on oil prices, United States crude inventories rose significantly last week.The Department of Energy reported a
4.07-million-barrel increase, bringing total stockpiles to 427.86 million barrels as of February 8
Analysts had anticipated a smaller rise of 2.4 million barrels.The combination of geopolitical developments and rising inventories has
created uncertainty in energy markets
While optimism surrounding ceasefire talks grows, traders remain cautious about potential disruptions to global oil supply chains.
