Oil News: Could Russian Supply Risk Reprice Crude Futures After Trump-Putin Talks?

Crude Oil Slides into Weekend Lows — Trump-Putin Meeting Keeps Market on Edge

Crude futures finished the week under pressure, with WTI settling at $62.80, down $1.08 or -1.69%, marking its lowest weekly close since late May.

The market bounced off a low of $61.94 but failed to generate much upside follow-through as traders braced for fallout from Friday’s Trump-Putin summit.

With no formal statement released yet, attention now shifts to how the market digests the event into the Monday open.

Trump-Putin Summit Could Reprice Russian Supply Risk

Friday evening’s meeting between President Trump and President Putin (August 15, 20:00 GMT) looms large over the coming week. Trump signaled openness to easing sanctions if peace talks in Ukraine gain traction—but also warned of secondary tariffs if negotiations break down.

The stakes are high for crude flows, particularly for China and India, who’ve been top buyers of Russian barrels. Traders will be watching closely for any fresh headlines over the weekend that could reprioritize supply risk as the market reopens.

EIA Reports Bearish Stock Build as Imports Rise

Weekly U.S. inventory data added to the downside tone. The EIA posted a surprise 3 million barrel build in crude stocks, driven by a nearly 700,000 bpd jump in net imports. Export flows remained soft, with international buyers cautious amid tariff uncertainty. The build reinforces concerns that supply-side pressure hasn’t eased, even with geopolitical uncertainty simmering in the background.

Demand Concerns Mount as China Data Softens

China’s latest economic readouts didn’t inspire confidence. Factory output growth slowed to an eight-month low, while retail sales saw their weakest pace since December. Year-over-year refinery throughput rose 8.9%, but month-over-month figures fell, and a rise in refined product exports hinted at weakening domestic demand. The IEA also downgraded its demand outlook and flagged an emerging surplus, aligning with forecasts of nearly 900,000 bpd oversupply through mid-2026.

OPEC+ Steady, Guyana Adds Barrels into a Heavy Market

OPEC+ output remained steady with no major adjustments, while Guyana continues to bring new barrels online via Exxon’s fourth offshore platform. Without deeper cuts or meaningful disruptions, the supply side remains lopsided—and it doesn’t take much imagination to see more weight pressing on prices.

Outlook: Bearish Tilt Below 52-Week Moving Average

The technical picture remains heavy. Crude sits below the 52-week moving average at $64.23, with resistance levels layered at $64.13 and $65.37. Without a weekly close above those levels, upside attempts look shallow.

On the downside, a move below $61.08 could open the door to test the psychological $60.00 mark. A failure there exposes deeper support in the $52.00 to $51.18 zone. With last week’s close at $62.80 and no clear shift in momentum, more likely than not we stay on the defensive—unless the Trump-Putin meeting response produces a headline jolt.

More Information in our Economic Calendar.