Trump sees a good moment for peace in Ukraine

"Now that oil prices have fallen, we have a good moment for agreements. Russia wants to negotiate, Ukraine wants to negotiate. If I wasn't president - nobody would negotiate anything," Trump said.

U.S. West Texas Intermediate crude was trading at $57.21 a barrel, down about 27 percent from when Trump took office, Bloomberg reported.

OPEC countries' decision over the weekend to increase oil production despite an expected drop in demand due to the U.S. trade war also contributed to the drop in prices.

Trump has repeatedly urged OPEC to increase production and lower prices, arguing that doing so would deprive Russia of revenue and help end the war. The administration has also threatened new sanctions and other pressure measures as long as peace talks move slowly.

These statements by Trump came a week before his planned trip to Saudi Arabia, Qatar and the United Arab Emirates. Meanwhile, the EU is working on a proposal to ban Russian gas imports by the end of 2027.

While Trump is cheering the price drop as a way to pressure Russia, it is causing problems for some U.S. oil producers. Despite promises to “drill even more” and increase US production, low prices could make some wells unprofitable.

Photo: White House.