As reported by Ukrinform, this information comes from Reuters.
Brent crude oil futures fell by 53 cents, or 0.68%, to $77.97 per barrel, after rising by 21 cents on Friday.
West Texas Intermediate oil in the U.S. was priced at $74.16 per barrel, down 50 cents, or 0.67%.
Trump reiterated his call on Friday for the Organization of the Petroleum Exporting Countries to lower oil prices to harm Russia's oil finances and help bring an end to the war in Ukraine.
“One way to quickly stop this is to stop OPEC from making so much money and lower the price of oil... This war will end immediately,” Trump said.
Trump also threatened to impose taxes, tariffs, and sanctions on Russia "and other participant countries" if a deal to end the war in Ukraine is not reached soon.
Russian President Vladimir Putin stated on Friday that he and Trump should meet to discuss the war in Ukraine and energy prices.
"They are ready for negotiations," said John Driscoll of Singapore-based consulting firm JTD Energy, adding that this creates volatility in the oil markets.
He noted that oil markets are likely skewed somewhat towards a decline due to Trump's policies aimed at increasing U.S. production, as he seeks to secure foreign markets for American crude oil.
“He will want to capture some of OPEC's market share, so in that sense, he is somewhat of a competitor,” Driscoll said.
However, OPEC and its allies have yet to respond to Trump's call, and OPEC+ delegates point to an already developed plan to increase oil production starting in April.
Goldman Sachs analysts stated that they do not expect a significant hit to Russian production, as higher freight rates encourage greater supply of non-sanctioned vessels for transporting Russian oil, while the widening discount on the affected Russian ESPO grade attracts price-sensitive buyers.
“Since the ultimate goal of sanctions is to reduce Russian oil revenues, we assume that Western policymakers will prioritize maximizing discounts on Russian barrels rather than cutting Russian volumes,” the analysts noted.
JP Morgan analysts mentioned that a certain risk premium is justified, considering that nearly 20% of the global Aframax fleet is currently at risk of sanctions.
“The application of sanctions on the Russian energy sector as leverage in future negotiations could go either way, indicating that a zero risk premium is unwarranted,” they added in their note.
On the other hand, the U.S. quickly canceled plans to impose sanctions and tariffs against Colombia after the South American country agreed to accept deported migrants from the United States, according to a statement from the White House on Sunday evening.
According to the analytical firm Kpler, sanctions could disrupt oil supply, as Colombia sent about 41% of its maritime crude oil exports to the U.S. last year.