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Oil prices fall as US and Russian diplomats signal no Ukraine breakthrough
WTI and Brent both dropped after the Rubio-Lavrov meeting produced no new peace proposals.
Oil prices edged lower following a July 23 meeting between US Secretary of State Marco Rubio and Russian Foreign Minister Sergei Lavrov, where both sides signaled no breakthrough in efforts to end Russia's more-than-four-year-old war on Ukraine, according to OilPrice.
Rubio characterized the talks as “good” and “frank” but said fresh proposals would be needed after earlier peace ideas failed, with no details offered afterward. The meeting lasted about 35 minutes, OilPrice reported, and Rubio pushed back on expectations of rapid progress.
OilPrice also cited Russia's position following the meeting, including Lavrov's complaint about US weapons supplies to Ukraine and allegations that European allies are pursuing destabilizing policies.
Against that backdrop, WTI crude was quoted at 89.75, down 2.44 or 2.7%, and Brent at 97.30, down 3.39 or 3.4%, with heating oil and gasoline also lower in the same snapshot.
Latest closeWTI crude $92.23 ▲6.2%|Brent $100.54 ▲6.9%|Gasoline (RBOB) $3.324 ▼2.7%