Overview

• Brent for December settled at $61.06, down 1.37%, and WTI for November closed at $57.46, down 1.39%, marking the weakest finish since late May.
• Trump said he and Vladimir Putin will meet in Budapest to discuss ending the Ukraine war after what he called a very productive phone call, easing perceived geopolitical risk.
• Prices had risen earlier in the session on reports that Indian Prime Minister Narendra Modi pledged to halt purchases of Russian oil before reversing lower.
• U.S. Department of Energy data showed crude inventories increased by 3.524 million barrels last week, reinforcing concerns about oversupply.
• Eurasia and other analysts cautioned that Brent could move into the $55–65 range by year-end if supply growth continues to outpace slow demand.