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• Crude prices fluctuate around $63.50 after bouncing up from Friday's lows at $62.30.
• Upside attempts remain limited with all eyes on the Trump-Putin meeting this week.
• The possibility of further sanctions against Russia has offset the consequences of the OPEC+ plans for further supply hikes.
Crude Oil prices are trading sideways, within a tight range around $63.50 on Tuesday, consolidating gains after having bounced from two-month lows near $62.00 on Monday. Upside attempts, however, remain limited ahead of the meeting between Trump and Putin later on the week.
Investors are moderately optimistic about the outcome of the encounter, but hopes of a steady peace agreement are dwindling, as the US ultimatum to Russia demanding the end of the o¡hostilities expired today without further consequences.
Putin has demanded the recognition of occupied territories to end the attacks in Ukraine, a possibility that has been outright rejected by the Ukrainian president, Volodymyr Zelensky.
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Two weeks ago, Trump threatened Putin with new sanctions and 10% tariffs on countries buying Russian oil if he continued the war in Ukraine, but the deadline expired last Friday and Russia has only intensified its attacks on its western neighbour without further sanctions from the US.
These developments have offset the negative impact on Crude prices from the larger-than-expected production hike announced by OPEC+ members, which, in the context of a soft global economic outlook, has heightened oversupply concerns.
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