Oil prices fell slightly on Friday, heading for a nearly 3% weekly decline amid uncertainty over global energy supplies after US President Donald Trump and Kremlin chief Vladimir Putin agreed to meet in Hungary to discuss ending the war in Ukraine, UNN reports, citing Reuters.
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Brent crude futures fell 16 cents, or 0.26%, to $60.90 a barrel by 06:45 GMT (09:45 Kyiv time), while US West Texas Intermediate crude futures fell 15 cents, also 0.26%, to $57.31.
The weekly decline is also partly due to the International Energy Agency's forecast of a growing supply surplus in 2026.
Trump and Putin on Thursday agreed to hold another summit on the war in Ukraine, a surprise development amid Moscow's fears of new US military support for Kyiv. The meeting could take place within the next two weeks in Budapest, the publication writes.
Trump to meet Putin in Budapest16.10.25, 20:21
This came as Trump and Ukrainian President Volodymyr Zelenskyy are expected to meet at the White House on Friday to discuss more military support, including US-made Tomahawk long-range missiles, while Washington has been pressuring India and China to stop buying Russian oil.
"Concerns about supply cuts eased after the announcement of Trump's meeting with Putin to discuss ending the war in Ukraine," ANZ analyst Daniel Hynes noted in his note.
Also weighing on prices, the US Energy Information Administration reported on Thursday that US crude inventories rose by 3.5 million barrels to 423.8 million barrels last week, compared with forecasts from analysts polled by Reuters who had predicted a rise of 288,000 barrels.
The larger-than-expected build in crude inventories was mainly due to lower refinery utilization as refineries entered their autumn scheduled maintenance. The data also showed US production rising to 13.636 million barrels per day, a record high.
In the previous session, Brent crude fell 1.37%, and US WTI crude closed down 1.39%, its lowest level since May 5.
India cut Russian oil imports by 50% after talks with US - Reuters16.10.25, 23:59