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

Oil prices fell slightly on the afternoon of October 17 and were 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 extraction facility. Photo: TASS/VNA

At 2:15 PM (Vietnam time), Brent crude futures fell 16 cents (0.26%) to $60.90 per barrel. West Texas Intermediate (WTI) crude fell 15 cents (0.26%) to $57.31 per barrel.

In the previous session, Brent and WTI crude oil closed down 1.37% and 1.39%, respectively. Both benchmark crude oil prices fell to their lowest levels since May 5th.

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

Daniel Hynes, an analyst at ANZ bank, commented that concerns about tighter supply had been eased following the announcement.

Another factor putting pressure on prices is the Energy Information Agency (EIA) reporting on Thursday that U.S. crude oil inventories rose by 3.5 million barrels to 423.8 million barrels last week. This figure is significantly higher than analysts' expectations of a 288,000-barrel increase in a Reuters survey.

The sharper-than-expected increase in US crude oil inventories is largely due to reduced refining capacity as refineries across the country enter their fall maintenance period. Statistics also show that US production has risen to a record high of 13.636 million barrels per day.

In addition, this week's price decline is partly due to the International Energy Agency's (IEA) forecast of a larger-scale oversupply in the market in 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