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6h ago

Oil Prices Steady Near Two-Month Low Following US-China Tariff Truce Ahead of Trump-Putin Talks

Traders are managing hopes of eased Russian sanctions alongside mounting OPEC+ output increases by eyeing this week’s U.S. inflation data and agency reports for clarity on the supply-demand outlook.

A drone view shows a portion of the crude oil tank farm in Midland, Texas, U.S. June 11, 2025. REUTERS/Eli Hartman/ File Photo
A view shows oil pump jacks outside Almetyevsk in the Republic of Tatarstan, Russia June 4, 2023. REUTERS/Alexander Manzyuk/File Photo
A pump jack operates near a crude oil reserve in the Permian Basin oil field near Midland, Texas, U.S. February 18, 2025. REUTERS/Eli Hartman/File Photo
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Overview

  • Brent crude held near $66.90 a barrel and WTI around $64 after modest gains on August 12.
  • President Trump extended a 90-day tariff truce with China, deferring higher duties and easing immediate trade-driven demand concerns.
  • Expectations that the August 15 Trump-Putin meeting could ease sanctions on Russian oil are weighing on prices, even as President Zelenskiy’s refusal to cede territory keeps peace prospects uncertain.
  • OPEC+ endorsed an additional 547,000 barrels per day production increase for September, reinforcing supply-side pressure amid forecasts of a year-end surplus.
  • Market participants are awaiting U.S. CPI figures and monthly reports from the IEA, EIA and OPEC for fresh signals on the global oil supply-demand balance.