Market Reacts to Upcoming US-Russia Summit

West Texas Intermediate (WTI) crude oil futures experienced a 1% decline on Friday, nearing a two-month low. This movement signals a potential 5% weekly loss, marking the sharpest downturn since late June. The drop comes as supply concerns alleviate, following the announcement of an upcoming summit between United States President Donald Trump and Russian President Vladimir Putin.

Impact of Global Trade Tensions

Additional pressure on oil prices stems from Trump's new 25% tariff on Indian goods and hints at potential tariffs on China. These developments, alongside expectations of increased OPEC output and ongoing trade tensions, have fueled fears of slowing global growth and weaker demand.

Current Market Figures

As of early trading, West Texas Intermediate (WTI) for September's deliveries dropped by 1.02% to $63.28 per barrel. Meanwhile, Brent for October settlements saw a 0.81% decline to $65.89 per barrel.