Oil prices edged lower on Friday following a meeting between U.S. President Donald Trump and Russian President Vladimir Putin, with uncertainty over progress on Ukraine weighing on market sentiment.
Brent crude eased 0.03% to $65.75 a barrel, while U.S. West Texas Intermediate (WTI) dipped 0.03% to $62.30.
At a joint press conference, Trump said “significant progress” had been made but no final agreement was reached. Putin expressed optimism that the talks could help advance peace efforts in Ukraine, ahead of Trump’s scheduled meeting with Ukrainian President Volodymyr Zelensky in Washington later today.
Analysts noted that markets remain doubtful the discussions will deliver a breakthrough. However, any progress could raise the likelihood of additional Russian supply hitting the market, putting further pressure on prices. Trump is also seen as unlikely, for now, to impose secondary sanctions on importers of Russian crude, particularly China.
Investors are also watching remarks from Federal Reserve Chair Jerome Powell at the Jackson Hole symposium for fresh signals on the pace of U.S. interest rate cuts, which could influence energy market sentiment.
