Oil prices fall after US crude build and ahead of Trump-Putin talks
Oil prices fell on Wednesday after a U.S. crude supply unexpectedly rose, but losses were limited after the U.S. Treasury Secretary said President Donald Trump could leverage sanctions at a meeting with Russian President Vladimir Putin.
Brent crude futures dropped 49 cents, or 0.74%, to close at $65.63 a barrel, while U.S. West Texas Intermediate crude futures fell 52 cents, or 0.82%, to settle at $62.65 a barrel.
U.S. crude stocks rose by 3 million barrels to 426.7 million barrels, the Energy Information Administration said on Wednesday. Analysts in a Reuters poll had expected a 275,000-barrel draw.
Net U.S. crude imports rose last week by 699,000 barrels per day, EIA said.
“These crude exports remain subpar from what we got used to, falling due to tariff pushback,” said John Kilduff, partner at Again Capital in New York, adding continued lower exports could weigh on prices.
The International Energy Agency on Wednesday raised its forecast for oil supply growth this year but lowered its demand forecast.
Trump is expected to meet with Putin in Alaska on Friday to discuss ending Russia’s war in Ukraine, which has shaken oil markets since February 2022.
U.S. Treasury Secretary Scott Bessent on Wednesday said sanctions or secondary tariffs could be increased if the meeting does not go well, calling on European leaders to also leverage sanctions.
Source: Reuters
