LONDON: Oil prices were stable on Thursday as investors weighed the potential impact of the upcoming US-Russia summit on Ukraine on Russian crude flows, after US President Donald Trump warned of “severe consequences” for Moscow if it does not agree to peace.
Brent crude futures were up 49 cents, or 0.75 percent, at $66.12 a barrel by 3:03 p.m. Saudi time, while US West Texas Intermediate crude futures rose 51 cents, or 0.81 percent, to $63.16.
Both contracts hit their lowest levels in two months on Wednesday after bearish supply guidance from the US government and the International Energy Agency.
Trump on Wednesday threatened “severe consequences” if Russian President Vladimir Putin does not agree to peace in Ukraine.
The US president did not specify what the consequences could be, but he has warned of economic sanctions if the meeting in Alaska on Friday proves fruitless.
