Lower fuel costs could create savings for consumers, but economic threats posed by tariffs still a concern, a local economist said.

U.S. oil prices fell to $57 a barrel after the OPEC Plus cartel said this weekend that it would pump more oil.

Prices plunged after OPEC and its allies agreed to increase output again, despite weak prices and an uncertain demand outlook.

Russia's oil price in roubles has fallen to a two-year low below the 4,000 rouble per barrel mark and some 40% lower than planned in the federal budget, data showed, piling pressure on the Kremlin, already saddled with a burgeoning budget deficit.

"I think Russia, with the price of oil right now, oil has gone down, we are in a good position to settle, they want to settle. Ukraine wants to settle," U.S. President Donald Trump said.

Oil is down… I think we’re in a good position to resolve [the war],” Trump said, suggesting that both Russia and Ukraine are seeking a peaceful settlement. “Nobody would be negotiating if I weren’t president,