Brent crude futures fell 50 cents, or 0.8%, to $66.34 a barrel by 0923 GMT. U.S. West Texas Intermediate crude futures declined 57 cents, or 0.9%, to $63.39.
“The market is watching out for whether there is a ceasefire or not. An expectation of a ceasefire translates into more Russian production,“ said Giovanni Staunovo, commodity analyst at UBS. “The question is will there be escalation or de-escalation?”
For the week, WTI is set to drop 0.7% while Brent is set to rise 0.4%.
Chinese government data showed factory output growth slumped to an eight-month low and retail sales growth expanded at its slowest pace since December, weighing on sentiment despite stronger oil throughput in the world's second-largest crude user.
Forecasts of a growing oil market surplus also weighed on sentiment, as did the prospect of higher-for-longer U.S. interest rates.
The analysts now project an average surplus of 890,000 barrels per day from July 2025 through June 2026.
That forecast follows predictions earlier this week from the International Energy Agency saying the oil market looks “bloated” after the OPEC+ increases - REUTERS
Hence then, the article about oil falls ahead of trump putin summit in alaska was published today ( ) and is available on Daily Sun ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
Read More Details
Finally We wish PressBee provided you with enough information of ( Oil falls ahead of Trump-Putin summit in Alaska )
Also on site :
- Oscar Mayer Turned a Viral TikTok Trend Into a Real Cake for the Wienermobile's 90th—Here's How to Get It
- The rise of ‘conspicuous waiting’: The 19th-century economic theory that explains why Gen Z posts their place in line
- Zillow Group Securities Fraud Class Action Arising from Alleged Anticompetitive Agreement and Related Regulatory Risks - Investors May Contact Lewis Kahn, Esq., at Kahn Swick & Foti, LLC