Oil prices slip ahead of Trump-Putin summit in Alaska
Oil prices edged lower on Friday as traders awaited the Alaska summit between U.S. President Donald Trump and Russian President Vladimir Putin, with hopes that progress on Ukraine could influence sanctions and global supply.
Brent crude fell 29 cents, or 0.4%, to $66.55 a barrel, while U.S. West Texas Intermediate (WTI) dropped 35 cents, or 0.6%, to $63.61. Analysts said markets are closely watching for signs of a ceasefire in Ukraine, which could allow increased Russian production, News.Az reports, citing Reuters.
Weaker economic data from China also weighed on oil sentiment. Factory output growth hit an eight-month low, and retail sales expanded at the slowest pace since December, raising concerns about fuel demand. Meanwhile, forecasts of a growing oil market surplus, driven by higher OPEC+ production and potentially prolonged U.S. interest rates, added further pressure. Bank of America projects a market surplus averaging 890,000 barrels per day from July 2025 through June 2026.
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