Oil closes lower as traders await Trump–Putin meeting

Oil drilling rigs

Oil prices reversed earlier gains to close lower on Thursday after the Kremlin announced that Washington and Moscow had agreed to arrange a meeting between US President Donald Trump and Russian President Vladimir Putin.

 

October Brent crude futures fell 0.69%, or 46 cents, to $66.43 per barrel.

 

September WTI crude futures declined 0.73%, or 47 cents, to $63.88 per barrel.

 

Kremlin aide Yury Ushakov told reporters today that Russia and the US reached an agreement to hold a meeting between Putin and Trump in the coming days.

 

The development comes as the US intensifies pressure on Moscow to end the war in Ukraine, giving Russia until Aug. 8 to agree to a ceasefire with Kyiv or face additional economic sanctions and the imposition of tariffs on buyers of its oil.

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