In Short:
– U.S. oil prices are at their lowest in nearly five years, with futures at $56.99 per barrel.
– Consumers benefit from falling fuel prices, with gasoline averaging $3.057 per gallon, about 15 cents lower than last year.

A growing surplus of crude oil is driving U.S. oil prices to their lowest levels in nearly five years.

U.S. oil futures closed at $56.99 per barrel, reflecting a 2.2% drop on the day and a 19% decline compared to a year ago. This marks the lowest price since February 2021 and comes amid fears of a global economic slowdown.The decline benefits consumers, likely leading to lower prices for gasoline and other fuel types.

Retail prices for regular unleaded gasoline averaged $3.057 per gallon, about 15 cents lower than last year. In several states, prices have fallen below $3 a gallon, with the Energy Information Administration projecting a national average of $2.90 next year.

U.S. oil producers are facing challenges with narrowing profit margins and job losses, despite record production levels surpassing 13.6 million barrels a day. The Organization of the Petroleum Exporting Countries (OPEC) is adjusting its production levels, anticipating a rise in demand next year while aiming to regain market share from U.S. and other producers.

Future Expectations

Chinese stockpiling has temporarily masked the oversupply, with imports up 3.9% in September.

However, rising tensions in the trade war between the U.S. and China are raising concerns about weakened global oil demand amid slowing economic growth.

In Short:
– Trump plans to meet Putin in Budapest to discuss ending the war in Ukraine.
– A day later, Trump will meet Zelensky at the White House for further diplomatic talks.

President Trump announced plans to meet with Russian President Vladimir Putin in Budapest to discuss concluding the war in Ukraine. This meeting follows a phone call where Trump described the discussion as productive.Trump’s upcoming meeting with Ukrainian President Volodymyr Zelensky at the White House is set to occur a day later, highlighting the significance of these diplomatic talks.

During the call, both leaders agreed to have their high-level advisers meet, led by U.S. Secretary of State Marco Rubio, followed by Trump and Putin’s meeting. The dialogue reportedly impacts Trump’s previous inclination to send Tomahawk missiles to Ukraine.

Putin cautioned that supplying arms to Ukraine would jeopardize U.S.-Russia relations. Discussions will also cover U.S. restrictions on Ukraine’s use of long-range weapons against Russia.

Despite suggestions of imposing sanctions on Russia, Trump did not reveal any plans regarding this in his call summary. The conversation reportedly focused significantly on post-war trade relations.

White House press secretary Karoline Leavitt highlighted Trump’s belief in achieving peace through negotiation.

Military Strategy

Putin maintained that Russian forces are strategically positioned along the conflict lines, asserting that Russia’s military actions respond to Ukrainian strikes. He acknowledged Trump’s efforts to mediate various international conflicts, including halting violence in Gaza. Hungarian Prime Minister Viktor Orban, a Trump ally, confirmed discussions about preparations for the upcoming meeting.

Putin expressed gratitude to First Lady Melania Trump for her humanitarian efforts regarding Ukrainian children, noting plans for ongoing initiatives.