Overview

• Oil prices extended their biggest weekly drop since June, with Brent near $66 per barrel and WTI around $63.
• Markets are pricing in the possibility that an August 15 Trump–Putin summit in Alaska will ease sanctions on Russian crude under a Ukraine ceasefire.
• OPEC+ has accelerated its rollback of 2023 production cuts, further swelling global oil supplies.
• New US import tariffs are expected to slow economic growth and temper oil demand.
• Key supply–demand updates from OPEC, the EIA and the IEA and US inflation data this week are seen as critical for oil’s near-term trajectory.