US and Russia Presidents Trump and Putin spoke on a call. RBC suggest that the contact between the two:
- may prove to be an important turning point in the standoff between Moscow and Riyadh that has sent oil prices tumbling.
- While US officials have focused their lobbying efforts on Saudi Arabia, we continue to contend the path to a diplomatic offramp runs through Moscow and that a rollback of some US energy sanctions could be the catalyst for getting Russia back to the OPEC+ bargaining table.
I posted earlier on some remarks from Trump on the call, he said Russia and Saudi Arabia are in discussions and he is ready to step in if asked:
The RBC suggestion is for the US take an even more proactive role.
Oil prices have edged just a little higher during the session here.
