Oil Poised for Weekly Loss

WTI crude oil futures rose to above $64 per barrel on Friday, but are still near a two-month low and heading for a more than 4% weekly decline, its worst since late June, pressured by easing supply disruption concerns. A Kremlin official confirmed that Presidents Trump and Putin will meet in the coming days, marking their first summit since 2021, while a White House official said the meeting could take place as early as next week. Optimism over potentially productive US-Russia talks on the Ukraine war has eased supply concerns, despite US sanctions on India for continuing to import Russian oil. Earlier in the week, Trump imposed a new 25% tariff on Indian goods in response to its ongoing purchases of Russian crude and hinted at possible additional tariffs on China. Meanwhile, expectations of increased OPEC output and persistent trade tensions remain as the overriding negative consideration, raising concerns about slowing economic growth and weakening demand.