Oil closes lower as traders await Trump–Putin meeting

07/08/2025 Argaam
Oil drilling rigs

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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