Oil Prices Steady Ahead US-Russia Ukraine Talks

Oil prices remained mostly steady as investors awaited a high-stakes meeting between U.S. President Donald Trump and Russian President Vladimir Putin, scheduled for August 15 in Alaska, to discuss potential peace negotiations to end the war in Ukraine. Brent crude hovered just below $67 a barrel, while West Texas Intermediate was around $64, after falling more than 4% last week amid concerns over supply disruptions and global economic growth. Trump extended a tariff truce with China through November 10, deferring planned tariff hikes, while maintaining pressure on Russia with the threat of secondary sanctions if no peace deal is reached. Analysts expect crude to remain rangebound until the meeting, with the market showing caution as OPEC+ continues to raise production despite ongoing geopolitical tensions. UBS lowered its year-end Brent forecast to $62 a barrel, citing increased supply from South America and resilient output from sanctioned countries, while also noting weaker-than-expected Indian demand. Overall, the market is balancing between potential easing of sanctions, ongoing conflict risks, and supply dynamics as it awaits further clarity from the upcoming U.S.-Russia talks.