Oil prices continue to fall ahead of news of US-Russia summit

Oil prices fell slightly on the afternoon of October 17 and are on track to fall 3% for the week, after news that US President Donald Trump and Russian President Vladimir Putin agreed to meet in Hungary to discuss ending the conflict in Ukraine.

A Russian oil facility. Photo: TASS/TTXVN

At 2:15 p.m. (Vietnam time), Brent crude futures fell 16 cents, or 0.26 percent, to $60.90 a barrel. US West Texas Intermediate (WTI) crude fell 15 cents, or 0.26 percent, to $57.31 a barrel.

In the previous session, Brent and WTI crude oil closed down 1.37% and 1.39%, respectively, with both benchmarks hitting their lowest levels since May 5.

The main factor dominating market sentiment was the news that President Trump and President Putin agreed on October 16 to another summit on the conflict in Ukraine, which could be held within the next two weeks in Budapest.

Concerns about tighter supplies have been eased following the announcement, said Daniel Hynes, an analyst at ANZ bank.

Also weighing on prices was the Energy Information Administration (EIA) reporting on Thursday that U.S. crude inventories rose 3.5 million barrels to 423.8 million barrels last week, much higher than analysts' expectations for a 288,000-barrel build in a Reuters poll.

The larger-than-expected rise in US crude inventories was largely due to lower refining capacity as refineries entered their autumn maintenance period. The data also showed US production rose to a record high of 13.636 million barrels per day.

This week's price decline was also partly due to the International Energy Agency's (IEA) forecast of a larger-scale oversupply in the market by 2026.

Source: https://baotintuc.vn/thi-truong-tien-te/gia-dau-tiep-da-giam-truoc-thong-tin-ve-cuoc-gap-thuong-dinh-my-nga-20251017154902715.htm