Oil Declines as Traders Await Trump’s Next Move Against Russia

Oil fell for the fifth straight session as traders waited to see whether US President Donald Trump would impose more severe measures to restrict Russian energy flows. Crude extended losses in late trading on a report that Trump plans to meet with Russian President Vladimir Putin soon.

West Texas Intermediate dipped 1.2% to settle just above $64 a barrel, notching the longest daily losing streak since September, as traders positioned for the possibility of a softer stance on Russia than the White House previously telegraphed. Futures dipped further after the New York Times reported that Trump plans to meet with Putin in person as soon as next week and follow that up with a meeting between himself, Putin and Ukrainian President Volodymyr Zelenskiy.