Oil Prices Slide to 5-Month Lows Ahead of Trump-Putin Summit
Oil prices have dropped to their lowest levels in five months, heading for a weekly loss of nearly 3%. This decline is driven by concerns over a potential global oil supply glut, as highlighted by the International Energy Agency (IEA), and worries about weakening demand. Additionally, a 3 million-barrel increase in U.S. oil inventories has added to the bearish sentiment.
The market is also focused on the upcoming summit between U.S. President Donald Trump and Russian President Vladimir Putin. While the leaders have held a “productive” call and plan to meet in Budapest, the details of their discussions and any potential agreements remain uncertain. Investors are awaiting clarity on how these talks might impact global oil supply and demand dynamics.
Impact:
If the Trump-Putin summit leads to positive developments, oil prices could stabilize or recover. However, ongoing concerns about supply and demand may continue to pressure prices downward.
