WTI crude oil futures dropped to a two and half month low and are currently quoting at $62.32 per barrel, down over half a percent on the day. On Monday, Trump and Ukrainian President Volodymyr Zelenskiy met at the White House to discuss a path to ending Russia's war in Ukraine. Investors will closely monitor release of the American Petroleum Institute (API) weekly Crude Oil Stock, which is due later on Tuesday alongside Federal decision in interest rates and Fed's Jackson Hole symposium later this week for further cues. Meanwhile, energy speculators sharply cut their net long positions in the crude oil futures market, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC). The non-commercial futures contracts of Crude oil futures, traded by large speculators, hedge funds and retailers, totaled a net long position of 116742 contracts in the data reported through week ended August 12, 2025. This was a weekly fall of 25087 net contracts and pulled net longs at five-and-half month low.

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