Oil prices were on track for sharp weekly losses on news that President Trump and Russian President Vladimir Putin could meet as soon as next week and as U.S. tariffs weigh on the global economic outlook.
In early trade, Brent crude and WTI were up 0.1% to $66.50 and $63.90 a barrel, respectively, but are down 4.6% and 7.7% on the week.
A meeting to discuss a Russia-Ukraine peace deal would significantly reduce the geopolitical risk premium and possibly affect Trump’s secondary tariffs on India, easing market anxiety over supplies.