Oil prices dropped on Thursday for a sixth consecutive session after the Kremlin said Russian President Vladimir Putin would meet U.S. President Donald Trump in the coming days, raising expectations for a diplomatic end to the war in Ukraine.

Theoretically if you cut off Indian and Chinese purchases of oil that would be a very heavy blow to the Russian economy and to the war effort. But that isn't going to happen,” said Eugene Rumer, a former U.

The drop from Russia’s oil supply is not likely to be significant, with global prices set to remain stable in the near term, an analyst says.