Brent crude oil futures hovered near a five-month low below $61 a barrel on Friday, heading for a third straight weekly loss as traders focused on the prospect of rising global supply ahead of planned talks between the United States and Russia.
U.S. President Donald Trump said he would meet Russian President Vladimir Putin in the coming weeks to discuss a possible resolution to the war in Ukraine, raising speculation that any progress could ease curbs on Russian oil exports and add to global inventories.
India’s mixed signals on Russian crude imports added to the uncertainty. Refiners in the world’s third-largest oil consumer said they would scale back, rather than halt, purchases pending guidance from New Delhi after Trump said the country would stop buying Russian oil.
Further weighing on sentiment, data from the U.S. Energy Information Administration showed crude inventories rose by 3.5 million barrels last week, while lingering U.S.–China trade tensions clouded the demand outlook.
Brent has fallen nearly 8% this month, putting it on track for its longest weekly losing streak since March.
