WTI crude oil futures dipped below $64 per barrel on Friday, slightly paring a more than 2% gain from the previous session, as traders turned cautious ahead of the meeting between US President Donald Trump and Russian President Vladimir Putin in Alaska later today. The talks aim to resolve the Ukraine conflict, with Trump cautioning that failure to reach a deal with Putin could bring “very severe consequences”. He previously warned Russia to end the war within a set period or face tougher sanctions, including secondary tariffs on major oil buyers such as China and India. Meanwhile, fresh Japanese government data released on Friday showed the economy expanded strongly, signaling higher oil demand from one of Asia’s key consumers. Rising expectations that the US may cut rates in September are also supporting oil prices, as the move can boost economic growth and oil demand. For the week, oil is poised for a muted session.
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