WTI crude oil futures rose toward $63 per barrel on Thursday, halting a two-day decline, supported by a risk premium ahead of talks between US President Donald Trump and Russian President Vladimir Putin. Trump warned late Wednesday that Russia would face “very severe consequences” if Putin refuses to end the Ukraine war. While he did not specify the measures, he has previously threatened economic sanctions, including on Russian oil, if Friday’s meeting in Alaska ends without results. However, gains were capped, with prices remaining near a more than two-month low amid oversupply concerns after the IEA issued a bearish forecast, projecting a record global surplus of 2.96 million bpd in 2026 due to surging supply from OPEC+ and its allies. Adding to the bearish tone, US government data showed crude inventories climbing by 3.036 million barrels last week, defying expectations for a draw and signaling tepid demand.
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