Oil Steadies at End of Tepid Week With Eyes on Trump-Putin Talks
Oil was steady as investors focused on the summit between the US and Russian presidents on Friday, with Donald Trump signaling there’s a high chance for a successful meeting that could yield talks with Ukraine.
Brent traded near $67 a barrel after jumping 1.8% in the previous session to offset losses earlier in the week, while West Texas Intermediate was around $64 in thin trading. Vladimir Putin stepped up his charm offensive before the gathering, praising Trump’s efforts to broker an end to the war.
Trump told Fox News Radio that a positive outcome from the summit would be a second meeting between Putin and Ukrainian President Volodymyr Zelenskiy, saying that there’s a 25% chance the gathering won’t be successful.
Oil is on track for a modest weekly gain following little conviction from traders ahead of the summit. During the week, Trump at one point sought to downplay expectations about the meeting, before following up with a warning that he would impose “very severe consequences” if Putin doesn’t agree to a ceasefire.
Any sign of easing US sanctions on Russian energy could see a further drop in oil prices, which have lost about 10% this year on concerns over the effect on demand of Trump’s trade policy and the rapid return of OPEC+ barrels. Expectations for a record glut in 2026 are weighing on the market.
Meanwhile, Ukrainian drones attacked Lukoil PJSC’s major refinery in Volgograd in the early hours of Thursday, with Kyiv ramping up strikes on Russian energy infrastructure this month.
Brent for October settlement was little changed at $66.85 a barrel at 8:55 a.m. in Singapore. WTI for September delivery was steady at $63.93 a barrel.
Source : Bloomberg
