Oil prices fell on Friday and are heading for a weekly loss of around 3%, amid uncertainty over global energy supplies following the agreement between U.S. President Donald Trump and Russian President Vladimir Putin to meet in Hungary to discuss ending the war in Ukraine.
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As of 06:45 GMT, Brent crude futures dropped 16 cents, or 0.26%, to $60.90 per barrel, while U.S. West Texas Intermediate (WTI) futures fell 15 cents, or 0.26%, to $57.31 per barrel.
The decline was partly due to the International Energy Agency’s forecast of ample supply in 2026.
Trump and Putin agreed on Thursday to hold another summit regarding the Ukraine war, a surprising move at a time when Moscow fears new U.S. military support to Kyiv. The two leaders are expected to meet within the next two weeks in Budapest.
Ukrainian President Volodymyr Zelensky visited the White House on Friday to push for additional military support, including U.S. long-range Tomahawk missiles, while Washington pressured India and China to halt purchases of Russian oil.
Daniel Hynes, an analyst at ANZ, noted in a memo, “Concerns over tightening supplies have eased following the announcement of the Trump-Putin meeting to discuss ending the Ukraine war.”
The U.S. Energy Information Administration reported on Thursday that U.S. crude inventories rose by 3.5 million barrels to 423.8 million barrels last week, compared with analysts’ expectations in a Reuters poll of a 288,000-barrel increase, which pressured prices.
The expected large increase in crude inventories is largely attributed to lower refinery consumption due to maintenance during the fall.
Data also showed that U.S. production rose to 13.636 million barrels per day, an all-time high.
At the previous session’s close, Brent crude fell 1.37%, while U.S. crude lost 1.39%, marking its lowest level since 5 May.
—Reuters
