Oil drilling rigs
Oil prices turned lower today, March 18, after US President Donald Trump and his Russian counterpart Vladimir Putin discussed ending the three-year war in Ukraine, potentially leading to an easing of sanctions on Russian fuel exports.
Brent crude futures for May delivery fell 0.7%, or 51 cents, to close at $70.56 a barrel, after rising to $72.19.
US WTI crude futures for April delivery declined 1%, or 68 cents, to $66.9 a barrel, after touching $68.72.
"We have agreed to an immediate ceasefire in the energy and infrastructure sectors, with an understanding that we will work quickly to achieve a full ceasefire and ultimately end this terrible war between Russia and Ukraine," Trump said via Truth Social.
Prices hit a two-week high earlier in the session, following renewed Israeli airstrikes on Gaza and amid hopes that economic stimulus plans in China and Germany will boost fuel demand in two of the world's largest economies.
The American Petroleum Institute's report on oil inventories is expected to be released on March 19, ahead of the official announcement from the US Energy Information Administration, amid expectations of an 800,000-barrel increase in crude oil inventories.
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