WASHINGTON (dpa-AFX) - Oil prices dropped on Tuesday on reports Russia and Ukraine have agreed to a partial ceasefire covering the Black Sea.
Still, the downside was just marginal due to supply worries following the U.S. President Donald Trump's threat that he will impose 25% tariffs on imports from countries that buy oil from Venezuela.
Trump claimed that Venezuela has 'purposefully and deceitfully' sent criminals, including violent individuals and members of gangs like Tren de Aragua, to the U.S.
'Venezuela has been very hostile to the United States and the Freedoms which we espouse,' Trump said in a post on Truth Social.
West Texas Intermediate Crude oil futures for May closed lower by $0.11 at $69.00 a barrel.
Brent crude futures were roughly flat at $72.30 a barrel a little while ago.
After 12 hours of negotiations in Saudi Arabia on Monday, Russia and Ukraine have agreed to 'eliminate the use of force' in the Black Sea after parallel talks with US negotiators. However, Kremlin said a maritime ceasefire would start only if it received sanctions relief on agricultural exports.
Russia and Ukraine also agreed to implement a previously announced 30-day halt on attacks against energy networks and expand its scope to more locations, but resolving fundamental issues, including any division of territory, remains far off.
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