<\/p>\n\n\n\n
Crude on Track for 3% Weekly Loss<\/strong> At 06:45 GMT<\/strong>, Brent crude futures<\/strong> slipped 0.26% to $60.90 per barrel<\/strong>, while U.S. West Texas Intermediate (WTI)<\/strong> dropped 0.26% to $57.31<\/strong> \u2014 both benchmarks at their lowest levels since early May<\/strong>.<\/p>\n\n\n\n Crude markets were rattled after Trump and Putin agreed to hold a summit in Budapest within two weeks<\/strong> to discuss a possible end to the war in Ukraine<\/strong> \u2014 a development that could reshape the global energy landscape.<\/p>\n\n\n\n The announcement reduced fears of long-term supply disruptions linked to Russian oil exports, which have been under sanctions pressure since 2022. The potential thaw in U.S.-Russia relations overshadowed news that Ukrainian President Volodymyr Zelenskiy<\/strong> is visiting Washington<\/strong> to push for more U.S. military aid<\/strong>, including Tomahawk missiles<\/strong>, while the White House continues urging India and China<\/strong> to scale back imports of Russian crude<\/strong>.<\/p>\n\n\n\n Adding to the downside, the EIA<\/strong> reported that U.S. crude inventories<\/strong> rose by 3.5 million barrels<\/strong> last week to 423.8 million barrels<\/strong>, far exceeding expectations for a modest 288,000-barrel increase<\/strong>.<\/p>\n\n\n\n The larger-than-expected stock build was attributed to lower refinery utilization<\/strong> during seasonal maintenance turnarounds. Earlier in the week, the International Energy Agency (IEA)<\/strong> forecast a global supply surplus in 2026<\/strong>, projecting that production growth \u2014 particularly from non-OPEC producers<\/strong> \u2014 would outpace demand recovery.<\/p>\n\n\n\n This outlook added to the bearish tone, compounding the effects of diplomatic optimism and rising U.S. inventories.<\/p>\n\n\n\n Analysts say crude could remain under pressure in the near term as traders weigh the balance between potential geopolitical de-escalation<\/strong> and robust U.S. supply growth<\/strong>. Crude on Track for 3% Weekly LossOil prices extended their decline on Friday, heading toward a weekly loss of nearly 3%, as traders weighed the impact of a surprise diplomatic breakthrough between U.S. President Donald Trump and Russian President Vladimir Putin alongside bearish supply data from the Energy Information Administration (EIA). At 06:45 GMT, Brent …<\/p>\n","protected":false},"author":9,"featured_media":95641,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,6827,49,36],"tags":[],"class_list":["post-120046","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-daily-economic-reports","category-economic-reports","category-market-updates"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/120046","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=120046"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/120046\/revisions"}],"predecessor-version":[{"id":120047,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/120046\/revisions\/120047"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/95641"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=120046"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=120046"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=120046"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
Oil prices extended their decline on Friday<\/strong>, heading toward a weekly loss of nearly 3%<\/strong>, as traders weighed the impact of a surprise diplomatic breakthrough between U.S. President Donald Trump<\/strong> and Russian President Vladimir Putin<\/strong> alongside bearish supply data from the Energy Information Administration (EIA)<\/strong>.<\/p>\n\n\n\nPeace Prospects Cool Supply Concerns<\/strong><\/h3>\n\n\n\n
\u201cConcerns of tighter supplies were eased after it was announced that Trump would be meeting with Putin to discuss ending the war in Ukraine,\u201d said Daniel Hynes<\/strong>, senior commodities analyst at ANZ<\/strong>.<\/p>\n\n\n\nBearish Data from the EIA Adds Pressure<\/strong><\/h3>\n\n\n\n
The report also showed U.S. oil production<\/strong> climbing to 13.636 million barrels per day<\/strong>, a new record high<\/strong>, further stoking fears of oversupply in an already fragile market.<\/p>\n\n\n\nIEA Outlook Signals Growing Glut<\/strong><\/h3>\n\n\n\n
Market Outlook<\/strong><\/h3>\n\n\n\n
If the Trump\u2013Putin summit<\/strong> results in tangible progress toward peace, global oil markets may shift decisively into surplus territory, reinforcing the IEA\u2019s warning of a prolonged bearish phase<\/strong> heading into 2026.<\/p>\n","protected":false},"excerpt":{"rendered":"