Oil prices edged lower on Friday as traders awaited the Alaska summit between U.S. President Donald Trump and Russian President Vladimir , with hopes that progress on Ukraine could influence sanctions and global supply.
Brent crude fell 29 cents, or 0.4%, to $66.55 a barrel, while U.S. West Texas Intermediate (WTI) dropped 35 cents, or 0.6%, to $63.61. Analysts said markets are closely watching for signs of a ceasefire in Ukraine, which could allow increased Russian production, News.Az reports, citing Reuters.
Weaker economic data from China also weighed on oil sentiment. Factory output growth hit an eight-month low, and retail sales expanded at the slowest pace since December, raising concerns about fuel demand. Meanwhile, forecasts of a growing oil market surplus, driven by higher OPEC+ production and potentially prolonged U.S. interest rates, added further pressure. Bank of America projects a market surplus averaging 890,000 barrels per day from July 2025 through June 2026.
