Oil prices fall on easing supply concerns amid Ukraine peace talks
Oil prices edged down, continuing their largest weekly decline since late June, as US President Donald Trump’s push to resolve the Ukraine conflict reduces worries about supply disruptions from major producer Russia.
Brent traded near $66 a barrel, after sliding 4.4% last week, News.Az reports, citing foreign media.
On Friday, Trump didn’t reveal additional measures against Moscow or buyers of its crude as he announced a summit with Russian President Vladimir Putin in Alaska. He had earlier declared an Aug. 8 deadline for the Kremlin to reach a ceasefire.
US and Russian officials are working toward an agreement that would lock in Moscow’s occupation of territory seized during its military invasion, according to people familiar with the matter. The US is working to get buy-in from Ukraine and its European allies on the deal, which is far from certain, they said.
Oil has lost more than 10% this year as OPEC+ brings back production faster than initially planned, ending curbs made in 2023, even as slowing economic growth threatens to cut consumption. A peace deal with Ukraine could see an end to sanctions on supply from Russia, removing the risk of disruption to Moscow’s flows after Trump’s comments in recent weeks that he would put measures in place against its biggest buyers.
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