Oil Prices Decline as Investors Eye Alaska Summit

Crude oil prices experienced a notable decline on Friday, with West Texas Intermediate (WTI) dropping by more than 1.5%. This movement comes as investors are keenly watching the upcoming meeting between United States President Donald Trump and his Russian counterpart Vladimir Putin in Alaska. The anticipation is that this meeting may lead to an easing of sanctions imposed on Moscow and potentially a higher production of Russian oil.

Trump's Stance on Russia

President Trump has made it clear that Washington does not plan to engage in any business with Russia until the conflict in Ukraine is resolved. This statement has added another layer of complexity to the upcoming discussions.

Market Reactions

At 9:21 am ET, WTI for September's settlements was down by 1.52%, trading at $63.02 per barrel. Similarly, Brent for October deliveries saw a decline of 1.24%, reaching $66.05 a barrel by 9:22 am ET.