Oil holds steady as Trump-Putin Alaska summit takes centre stage
&imwidth=600&imheight=450&format=webp&quality=medium "Oil holds steady as Trump-Putin Alaska summit takes centre stage")
A drone view of a pump jack and drilling rig south of Midland, Texas, US. Photograph: (Reuters)
Oil prices remained stable on Friday, focusing on the Trump-Putin meeting in Alaska. WTI crude was around $64 a barrel after a previous 2.1% increase, while Brent closed at $66.84.
Oil prices were largely unchanged on Friday after a choppy trading week, with the market’s attention firmly fixed on the high-stakes meeting between US President Donald Trump and Russian President Vladimir Putin in Alaska. According to Bloomberg, West Texas Intermediate (WTI) crude hovered near $64 a barrel after a 2.1 per cent surge in the previous session erased early-week losses. Brent crude ended Thursday’s session 1.8 per cent higher at $66.84 in light trading. The week’s moves leave oil almost flat overall.
Traders are eyeing the summit for any sign of an easing of US sanctions on Russian energy. Such a shift could unleash more Russian barrels into the market, adding pressure to a sector already grappling with slowing demand from Trump’s trade policies and a faster-than-expected return of OPEC+ supply. Oil prices have already fallen around 10 per cent this year, with forecasts pointing to a potential record surplus in 2026.
Geopolitical tensions add volatility
The diplomatic backdrop is complex. Putin has mounted a charm offensive ahead of the Alaska talks, while Trump has publicly downplayed expectations for a breakthrough. Meanwhile, Ukrainian forces have intensified strikes on Russian energy assets. In the early hours of Thursday, Ukrainian drones targeted Lukoil PJSC’s major refinery in Volgograd, a facility critical to Russia’s oil processing capacity, Bloomberg reported.
Prices at a glance
At 7:32 a.m. in Singapore, WTI for September delivery slipped 0.1 per cent to $63.90 a barrel. Brent for October settlement closed at $66.84 on Thursday, maintaining gains from the previous session.
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As markets await signals from the Trump-Putin summit, oil traders remain caught between potential diplomatic shifts and persistent geopolitical risks, a balance that could define crude’s next major move.
Why the Trump–Putin talks matter for oil?
An easing of US sanctions on OPEC+ member Russia could reportedly release more supply into the market, a development that traders are watching closely. Any such move could add to an already bearish supply picture, as global output is ramping up despite concerns about slowing demand due to US tariff pressures on the world economy.
The US Department of Energy (DOE), as reported by Bloomberg, has revised up its 2025 global oversupply forecast to 1.7 million barrels per day. The International Energy Agency (IEA) will release its own estimates later on Wednesday. OPEC, meanwhile, has kept its more bullish view, predicting a tighter oil market next year than previously projected.
Possible price paths after the Trump–Putin meeting
If Trump and Putin agree on steps to lift or soften sanctions on Russian crude, more supply could flow into the global market. According to Bloomberg, this could push Brent prices back toward the low $60s.
If there is no major breakthrough, prices may stay range-bound. As per Reuters analysts, Brent could hold between $63 and $66 as traders continue to price in the current sanctions regime.
If fresh sanctions are imposed, further restricting Russian crude exports, the resulting supply squeeze could push Brent above $70 per barrel, especially if OPEC+ output remains steady, according toReuters.
(With inputs from the agencies)