Oil closes lower, records weekly loss of over 1%

16/08/2025 Argaam
Oil drilling rigs

Oil drilling rigs

Oil prices declined on Friday as attention turned to the US-Russia summit over the war in Ukraine, which could lead Washington to ease some sanctions on Moscow, particularly those affecting energy trade.

 

Brent crude for October delivery fell 1.48% or $0.99 to $65.85 per barrel, resulting in a weekly loss of 1.11%.

 

WTI Nymex crude for September delivery dropped 1.81% or $1.16 to $62.80 per barrel, marking a weekly loss of 1.70%.

 

US President Donald Trump and Russian President Vladimir Putin held a closed bilateral summit in Alaska on Friday to discuss the war in Ukraine.

 

Markets are hopeful that the summit will make progress toward peace between Russia and Ukraine, after Trump threatened to tighten economic sanctions on Moscow if this round of talks fails.

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