WTI crude oil futures hovered around a five-month low of $57 per barrel on Friday, on track for a third consecutive weekly drop, the longest streak since March, as investors focused on the supply outlook ahead of US–Russia talks. President Trump announced plans to meet Russian President Putin in the coming weeks to discuss a possible resolution to the war in Ukraine, fueling speculation that positive outcomes could ease restrictions on Russian oil output, potentially adding to the global surplus. Adding to bearish pressure were mixed signals on India’s purchases of Russian crude. Indian refiners said they plan to scale back, rather than halt imports, pending guidance from New Delhi, following Trump’s announcement that the country would stop purchases. Meanwhile, the US EIA reported that energy firms added 3.5 million barrels of crude to storage last week, raising concerns about weak consumption and further weighing on the demand outlook amid ongoing US–China trade tensions.
