Crude prices were little changed after tumbling more than 4 % the previous week. Brent crude settled at $66.63 per barrel and West Texas Intermediate at $63.96, as investors looked ahead to a meeting between U.S. President Donald Trump and Russia’s Vladimir Putin in Alaska to discuss an end to the Ukraine warreuters.com. The talks, scheduled for August 15, could determine whether new sanctions or a ceasefire emerges. Analysts say the recent sell‑off paused because traders are waiting to see if the negotiations deliver a breakthroughreuters.com.
The oil market has been whipsawed by competing forces. On one hand, OPEC has gradually raised output, though July’s production increase was limited by Iraqi cuts and drone attacks on Kurdish oilfieldsreuters.com. On the other hand, UBS trimmed its year‑end Brent forecast to $62 per barrel, citing higher supply from South America and resilient output from sanctioned countriesreuters.com. U.S. pressure on India to reduce purchases of Russian oil and talk of secondary sanctions also loom over the marketreuters.com. With supply and geopolitical dynamics pushing in opposite directions, oil is bouncing around like a yo‑y
