Oil slides to two-month low on Russia-Ukraine peace hopes

WTI crude oil futures fell near $63 per barrel on Monday, hitting their lowest level in more than two months, as optimism grew over a potential peace deal between Russia and Ukraine. US President Donald Trump is set to meet Russian President Vladimir Putin on August 15 in Alaska to discuss ending the conflict, a move that could lead to sanctions being lifted on Russian oil exports and boost global supply. MCX August oil futures dropped nearly 1% to ₹5557 per barrel. Sentiment was further pressured by the recent hike in US tariffs on imports from multiple trade partners, stoking fears of weaker global growth and softer energy demand.

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