Oil prices dipped on Thursday, wiping out gains earlier in the 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.

Expectations for a ceasefire between Moscow and Kyiv are muted, despite the US president's threat of sweeping sanctions.

TRUMP-PUTIN MEETING: The Kremlin said Vladimir Putin and Trump will meet in the ‘coming days’ after the U.S. president said he hoped to hold a meeting with his Russian counterpart in person to discuss ending the war in Ukraine.