Crude Oil Prices Fall Across International Markets Following Landmark US-Russia Oil Deal Announced by President Donald Trump
WASHINGTON : International crude oil prices fell, with prices in global markets down by almost 2% after Russia and the United States signed a major supply deal for oil and diesel.
According to news agencies, the price adjustment brought American crude down to $90 per barrel, while British Brent crude is currently trading at $103 per barrel.
The US-Russia oil deal highlights and its market impact.Key points of the US Russia Oil Deal and Market impact.
Staggered Diesel Supply Agreement: US President Donald Trump announced that Russia will supply more than 300,000 tons of the fuel to the US and the world markets immediately, while another 500,000 tons will come in November and 1 million tons later.
President Trump’s Remarks: President Trump said he spoke with Russian President Vladimir Putin on the phone on Tuesday, and was confident those record-high diesel prices will soon drop significantly.
The 90-minute meeting also discussed the solution to the Ukraine crisis, the restart of peace talks and Iran, Kremlin’s sources said. President Putin pointed out that sending Russian oil to the American market will have a positive effect on the global economy, and Trump praised Russia’s efforts in resolving the Iran conflict.