Oil prices dip ahead of Trump-Putin talks
Oil prices dived into early European trade on Friday morning before US President Donald Trump met with Russian President Vladimir Putin in Alaska to discuss the war in Ukraine.
Brent raw (BZ = F) futures decreased by 0.6% per barrel during writing to $ 66.44, while West Texas intermediate futures (CL = F) fell by 0.7%.
The talks are scheduled to take place at 20.30, so that after the closure of the US market, any development will probably emerge.
This was the first time in six years, Trump and Putin met for the first time in six years because the US President was trying to end Russia’s war in Ukraine.
Read more: The markets are higher before the Trump-Putin Summit in Alaska
There are hopes that negotiations can lead to a potential end of sanctions that limit Russian oil to other markets.
In an interview with Fox News Radio on Thursday, Trump estimated that if negotiations go well, it could open a second meeting, including Ukrainian President Volodymyr Zelensky, but at the same time the meeting would not be successful.
DEUTSCHE BANK (DBK.DE) Macro Research and Thematic Strategy Global President Jim Reid said: “[Trump] He described this potential follow -up as “very, very important ,, which showed that it could be a forum of impacting an agreement. Ours [economist] Peter Sidorov says that although there is no close breakthrough, the summit will still be an important sign for the US-Russian relations and the war in Ukraine. “
As investors stayed in front of the Trump-Putin Summit, gold prices were slightly higher on Friday morning.
Gold -term transactions (GC = F) increased by 0.1% per ounce during writing to $ 3.387,20, while the spotlight rose to $ 0.2% per gold ounce.
Dear Metal, despite inflation data, which is warmer than expected to inflation data published on Thursday, will end the week at red. Gold is considered a fence against inflation, because when the price growth erodes the purchasing power, investors tend to look at the valuable metal as a reserve store.
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However, a higher producer price index (PPI) reading on Thursday than expected was hoped for a larger interest rate of 50 -based interest cut by the US federal reserve. Gold and interest rates tend to have an inverse relationship, because higher rates weaken the charm of precious metal as an efficient investment.
In July, the US PPI showed that inflation for businesses increased by 0.9% during the previous month and the estimated 0.2% increase increased ahead. Data from the Bureau of Statistics on Thursday. Annually, prices increased by 3.3%, which was in front of the expected 2.5%.
