Crude Oil Prices Slip on Friday as Trump-Putin Meeting Raises Uncertainty Over Global Supply

Oil prices edged lower in early Asian trade on Friday, extending losses from the previous session.

Brent crude futures slipped by 8 cents, or 0.13%, to $60.98 a barrel, while U.S. West Texas Intermediate (WTI) dropped by 9 cents, or 0.16%, to $57.37 a barrel as of 0030 GMT. Both benchmarks are poised for nearly 3% weekly declines, driven by rising concerns over global energy demand and supply imbalances.

Market Reacts to Trump-Putin Meeting Plans

The decline followed news that U.S. President Donald Trump and Russian President Vladimir Putin have agreed to meet in Hungary within the next two weeks to discuss possible steps toward ending the war in Ukraine. The unexpected announcement has added a new layer of uncertainty to oil markets already under pressure from geopolitical tensions and fluctuating demand expectations.

Global Supply Outlook Weighs on Sentiment

The International Energy Agency (IEA) recently projected a supply glut in 2026, further dampening market sentiment. This outlook has heightened fears that the global oil market could face oversupply in the coming years, despite ongoing production cuts by OPEC and its allies.

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Additional Political and Trade Pressures

Meanwhile, Washington continues to pressure India and China to reduce Russian oil imports, while Kyiv seeks additional U.S. military aid, including long-range Tomahawk missiles. These developments could influence oil trade flows and pricing in the near term.

Conclusion

With oil prices at their lowest levels since early May, traders are likely to remain cautious. The upcoming Trump-Putin summit and ongoing geopolitical shifts will be key drivers for global crude price direction in the coming weeks.

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